GREY BRIEFING #13: US indices at all-time highs – tension ahead of FOMC meeting

Welcome back to the thirteenth GREY BRIEFING! The past week has once again demonstrated how rapidly market sentiment can change. Short-term fears of recession as a result of turbulence at regional banks did not permanently dampen broad market sentiment, as the credit balances of the major banks proved to be too stable. The clear easing of tensions on the markets, with indices reaching new all-time highs, was mainly due to moderate inflation data and clear signals from President Trump in the trade conflict with China. Both sides reached a preliminary agreement on fentanyl exports and maritime tariffs, and a framework was established for an early meeting between Trump and Xi. In the...