The US NASDAQ rallied +3.4% overnight following the milder than feared comments from the Fed, as we’ve discussed a few times over recent weeks the markets positioned itself very anti-growth as bond yields have soared through 2022 and we can see a 10-15% relief rally by the US tech sector from the current area. In essence MM believes the market has become too hawkish and the likelihood is come Christmas that rates won’t be as high as many fear which should theoretically stem the losses across growth stocks. Hopefully the move by US tech can see some enthusiasm return to the Australian sector which has largely lagged since November.
MM is mildly bullish US equities over the coming weeks
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