US corporate earnings exceed expectations, marking a turnaround in the bear market🤑
With last month's labour data coming in exceptionally robust, along with this much larger-than-expected fall in CPI, US recession odds should continue to come off, and (another) beat in US corporate earnings might be all it takes to cause the last endangered bear to finally capitulate. With the SPX closing in at ~4500 with terminal rates approaching 5.5%, shortly on the back of a large regional banking crisis, one has to give the Fed a lot of credit for pulling this off, regardless of what inherent biases investors might have against the Fed's bailout methods and economic philosophy.
