Summary

• The Fed remains on hold and continues a wait-and-see approach as Jerome Powell’s term comes to an end.
• S&P ends the week at all-time highs, but earnings season points to higher dispersion.
• China’s uneven recovery is reinforcing a steady but not accelerating global backdrop.

A resilient but uncertain phase

This week’s data was a good reminder that we are likely in a “resilient but uncertain” phase of the cycle.

Growth is holding up, but it is not accelerating yet, and inflation

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