Equity prices staged a sharp recovery last week while the signals we monitor were largely unchanged. It is likely that the equity markets will continue to show outsized, trendless volatility. The mid‐term elections in November will increasingly absorb the attention of investors and the recent Supreme Court decision reversing Roe versus Wade may change the election calculus. Monetary policy will continue unabated in an anti‐inflation stance.
Bob Bilkie, CFA
