Markets are enjoying some tailwinds after the #gdp for the 3Q22 came a little bit stronger than expected (2.9% vs 2.7%). On top of that, Jay Powell speech yesterday concluded: “The time for moderating the pace of rate increases may come as soon as the December meeting.” Supported by those words and economic data, even though inflation still sits at 7.7%, the S&P500 rallied above the 200 day MA, and as you can see in the chart below, #highyield and #investmentgrade bond yields have decreased from the high levels of late October. Santa Claus rallie in action.
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Source: WSJ
