Emerging Money Daily Audio Call August 26 – Yellen delivers more than we expected in terms of upgrading the economy but keeping the Fed’s caution to be a dove in the picture.
This is a great outcome for stocks notably risk assets which include EM, Commodities, and Cyclicals.
Oil remains bid and comments from OPEC over the last 24 hours confirm our view that there is little capacity left in OPEC and that Saudi may have achieved more market share protection than we expected this quickly form Iran. Staying long energy and resources.
Do we know more about the September outlook for the Fed now? Probably not but we are more comfortable with a rate hike in the current macro backdrop and we should be.
Have a great weekend.
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