Call it FOMO, TACO, unfunded Fed optimism, but US equities remain upbeat

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Market performance was surprisingly strong yesterday, especially considering the day began in the US with a sharp downgrade in global growth projections from the OECD. The trade headlines were also negative while the economic data was mixed and the Federal Reserve (Fed) is reluctant to move due to rising inflation expectations. So it’s probably FOMO—and it feels fragile.
Today, investors will watch the ADP employment report and ISM non-manufacturing data for fresh insights into US economic strength. Strong numbers may support further gains while soft figures Maybe could trigger a pullback. Or maybe not. Markets seem to have their own agenda, and the fear of missing a potential rally appears enough to fuel optimism—no matter how weak the forecasts, or the data.
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