Trading Plan – Monday 27th June 2022: Bullard says US recession fears “overblown”
Last week ended with a flourish. In the US, St. Louis Fed President Bullard said that fears of a recession in the US are overblown and stated that the US will be fine, and that tightening policy will slow down the economy to a trend pace of growth. This, and Friday’s PMI misses in the EuroZone, drove up equity prices for a bullish close to the week.
This week sees a slew of inflation and retail sales data. Perhaps most interesting is UK Q1 GDP on Thursday. This is the “final” number, a revision of the 12th of May’s “preliminary” number that came in at 0.8 percent against an expectation of 1.0 percent. With the current difficulties being faced by the UK economy, the market will be very sensitive to this number, despite “final” numbers usually having little impact.
As always, I go through my trading themes for the week in the video.
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