Trump plans to keep Powell = near-term positive. Nov CPI released on Thu. Syria toppling over weekend barely moves Bitcoin (proxy for risk-assets).

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VIDEO: There were several notable headlines over the weekend, including the toppling of Syria and President Trump interview on NBC's Meet the Press

Please click below to view our Macro Minute (duration: 3:49).

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We are now in the final 3 weeks of 2024 and we continue to expect equities to finish the year strong with the S&P 500 reaching 6,300.

Over the past week, cyclicals rallied led by retailers and apparel (+14%) and MAG7/FAANGs. And Bitconi surged past $100,000. In our view, this is broadly consistent with a market "risk-on" into year-end. And we would be buying dips. Over the weekend, the most notable event was the toppling of Syria's leader Bashar al-Assad, who fled to Moscow. President Biden has pledged to aid Syria, while Presidet-elect Trump weighed in, suggesting the US "stay out of the fight." Obviously, two conflicting views and this could leave markets a tad puzzled. Bitcoin is probably the proxy to watch (given $BTC trades 24/7) and the reaction has been muted. Bitcoin has traded in the same $2,000 range all weekend, around $99,000. So to us, the toppling of Syria is not seen as having dramatic impacts on our year-end outlook. President-election Trump was i...
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