Q&A

After a strong rally since the beginning of summer, stocks began to retreat after the S&P 500 rejected its 200-day moving average last week. The focus has returned to the macro backdrop, with a series of weak activity readings across the global economy. US housing data remains extremely weak with mortgage rates moving up again, mortgage applications falling, and other metrics continuing to miss. To add to that, July inflation came in lower than expected and decelerated.

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