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Thoughts on the latest ISM Services & Fed Talk
Not sure how everyone else is digesting the latest ISM Services print. It came in a bit hotter than expected, and right after that, we're getting a renewed chorus of hawkish talk from some Fed members. It feels like the market's been trying to price in a more definitive end to rate hikes, or at least a pause, but these data points and the subsequent comments just keep pushing that can down the road. It's making me re-evaluate some of the more rate-sensitive parts of my watchlist. Been watching $EEM at 65.64 closely, wondering if the dollar strength argument gets more legs here, which typically isn't a tailwind for EM.
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Totally agree. It feels like every time the market starts to find its footing on the rate hike narrative, a new piece of data or Fed comment throws a wrench in it. Makes it really hard to get a clear read on what's next.