The Business Post recaps the US markets’ most notable moments of the last seven days
Markets Wall Street Speaks: Blackstone sights slowdown and bond divergence
The stock market struggled to gain much traction after the posting.The S&P 500 hovered near 5,220 on Friday, down from previous close of trade but marking its third straight week of gains — the longest winning run since February. The Dow Jones Industrial Average rose for an eighth straight session. Gray, the president of Blackstone, is forecasting a slowdown in economic growth as stubborn inflation weighs on the US, which he said will hamper the Fed’s ability to begin lowering borrowing costs.
Each predicted roughly how much Treasury yields would rise during the first quarter — and broke with others by expecting rates to stay up through the end of June as sticky inflation kept the Federal Reserve on hold.More on markets Iseq’s longest-serving boss outlines what Euronext Dublin needs to do to thrive
He is sticking to his forecast that the Fed will cut in November and December, but acknowledged that this call is “in a little bit of jeopardy” following the recent run of hot inflation prints. The origin of the strategy comes from Britain where the full phrase is ‘Sell in May and go away, don't come back until St Leger’s Day’.
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