Updated: Aug 30
Interesting behavior in the US markets today. Looks like all major US indices reversed their course and finished in red. Perhaps, the green in the morning reflected better than expected (expectations that were already lowered) results from Goldman Sachs and to certain extent Bank of America (albeit, they did miss some estimates). The commentary from BofA execs painted a +ve picture of the economy especially related to loans and consumer spending patterns. I thought of these comments as a case for the Feds to raise interest rate by full percentage at the next week's meeting (remains to be seen). Also, President Biden's visit to Saudi Arabia hasn't caused outright optimism related to oil prices and we might not see results of it before the Feds' meeting anyway. Meanwhile, the oil prices went up today so that might be strengthening case for Feds to get more aggressive in taming inflation.