Odds Still Favor a Move Higher (Core Strategy Rebalance)
Apr 30, 2025
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Core Strategy
On Wednesday, we received a couple of material data points. The first was the first negative real GDP print since 2022. This spurred an immediate selloff across most assets (interestingly, bonds included) as fears of a tariff-induced recession entered the fold.
However, the market’s reaction was brief. Around 10am, core PCE was released and came in line with forecasts. It showed some stickiness in housing and goods, but overall helped negate fears of stagflation. Personal income and spending figures ...