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So it’s September and soon these valuations will take into account 2024 EPS. However, they still remain high, particularly in the context of such a choppy rates/bond market and of the Federal Reserve’s November live meeting. Buying the market at current levels based on valuation is a tough/impossible question. You would only do it if you believe that the Atlanta Fed GDPNow forecast of 5.6% growth for 3Q23 will hold true and that 2Q23 has been both a bottom and a turning point for corporate earnings. This is despite the still high inflation and despite the disaster that has been Oracle’s report. All in all, just 12 more trading days to the end of September …

#investing #macro #centralbanks #fed #interestrates #fixedincome #equities #stockmarket #sp500 #nasdaq100

Chart from Goldman Sachs H/t

Inflection Point Tom Baldacci

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