US Stocks climbed on Tuesday, as growth stocks sidestepped growing expectations for the Federal Reserve to turn more aggressive on rate hikes, while meme-stocks including GameStop returned to rally mode. But the real signals coming from the bond market suggest recession ahead.
Inflation remains a major concern, as Federal Reserve Bank of St. Louis President James Bullard stressed the need for the Fed to move faster and more aggressively on rate hikes to curb the pace of inflation. Those remarks arrived a day after Fed Chairman Jerome Powell said the central bank would be prepared to hike by more than 25 basis points at upcoming meetings to “ensure a return to price stability.”
But note this, the bond market’s most reliable gauge of the U.S. economic outlook for the past half-century is hurtling toward inversion at a faster pace than it has in recent decades, raising fresh worries about the economy’s prospects as the Federal Reserve begins to consider aggressively hiking interest rates.
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