Decent incoming data today. Trump reveals the "Trump rule" and the template for a dovish Fed in 2026

Equities gained again on Tuesday, as S&P 500 posted 5 consecutive gains and taking year-to-date gains to 18%. We continue to expect a positive bias into year-end and see S&P 500 reaching 7,000-7,300, so at 6,906, there remains some upside.

Overall incoming data today was positive, from 3Q GDP (backwards looking), positive retail sales and even incoming jobs signal from ADP. The equity and bond markets initially had a mixed reaction to the data, viewing some of this as hawkish (lon...

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