Friday Workout — Put into Deep Freeze; Property is Heft


Market Wrap

Friday Workout — Put into Deep Freeze; Property is Heft

Chris Haffenden's avatar
  1. Chris Haffenden
19 min read

Post the publication of last Friday’s Workout, Jerome Powell’s Jackson Hole comments confirmed our suspicions, we’ve had the inflection point, credit spreads are going wider, and rates will be higher for longer. Inflation remains rampant in Europe, with GS talking about it peaking at 22% in the UK, and with Eurozone CPI closing in on double digits. On a more positive note, power and natural gas prices stopped going parabolic and reversed most of last week’s gains. But the effects of the energy crisis are with us already, and even the most ardent conservatives losing Truss in the governments’ ability to cushion the pain.

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