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On the SPOT™ blog (08/02/2023) [A..]

ADP report showed that private payrolls increased more than estimated in July but also showed that wage growth moderated. This is obviously a good data point for the soft landing narrative while interest rates continue to rise. This morning (PST) all three major US indices are in the red perhaps as a reaction to Fitch downgrading US' foreign long-term currency issuer default to AA+ from AAA citing expected fiscal erosion over the next 3 years. Fitch also noted that confidence in fiscal management has reduced (related to debt-ceiling standoff and related events). Let's see the impact of this news and ongoing earnings season on the current rally.

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