A more hawkish tone from the Fed and a mixed reaction to recent big tech earnings reports presents another potential speedbump for risky assets. Ultimately, we think continued robust US growth underpinned by the ongoing AI-boom means that, while the Fed will not ease policy by as much as is currently discounted, the equity market rally has further to run. We doubt recent jitters around the funding of the data centre build-out, or the continued narrowing of the stock market rally, presage a major setback.
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