Payne's Perspective: August 8, 2022: Market Resolve Confounds
It was a very interesting week that saw the market exhibit amazing resolve at several points, including on Friday when the narrative was to brace for a massive hit after that “great” jobs report.
Before the open on Friday, equity futures began to freefall, as bond yields raced higher. The talking heads called for a 2% or 3% hit. That didn’t materialize, and while bond yields did move higher, the yield curve steepened even further.
Another major story is the continued freefall in oil prices. The decline is remarkable, yet crude oil is still up 17.5% year-to-date. I think most of the decline is associated with less demand and recession fears. The stop-and-go shutdowns in China are also playing a role.
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