Markets are getting more interesting than usual as the dynamics to look for equilibrium unfold. On the technical side, the Nasdaq 100 has rejected the 200 day Moving Average, perhaps setting up a continuation of the move to the downside. Yesterday, President Trump announced a 25% tariffs on vehicles non built in the U.S., which may release some pressure from automakers, which have been suffering over the last 3 months, but may create other ones. And the CBO issued another warning about debt and deficit, saying:”if the debt limit is not raised or suspended before the extraordinary measures are exhausted, the government will be unable to pay all of its obligations. As a result, it would have to delay making payments for some activities, default on its debt obligations or both”. The debt ceiling will be raised on the last minute of the last day, and we may avert the default, but we will do so at the expense of inflation and higher interest rates. That is putting pressure on equity markets, and eventually on credit markets as well.
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