A generally sound US economy at the moment is what I concluded from the data today. University of Michigan's consumer sentiment index came out better than expected. Big banks such as JPM, BAC, C all seemed to have reported good quarterly results (with an exception of perhaps Wells Fargo). The big banks' CEOs have all been planning for at least a mild recession in 2023 and perhaps setting aside more amounts for credit losses as recession fears loom. Stocks dipped earlier in the day but managed to recover as investors assimilated earnings data. All three major US indices finished the day in green.
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