Wait-And-See

Key Points


Headline news continue around the supply shortage, coupled with economists’ downward revision on GDP have laid a choppy path in the near-term

Friday payroll missed on the face value, while hourly wage growth and upward revision in summer numbers are rather positive, stubborn labor participation remains unsolved

Credit spreads leak wider and ‘dip buying’ is not happening as risk appetite for capital structure risk stays tepid; a significant decline in global negative yielding assets will eventually call back some of yield buyers’ interest

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