Daily Market Update - The Stroke

Last week ended with Jerome Powell’s less-than-exciting Jackson Hole Symposium speech which left the market in the same
state of uncertainty it had been reveling in. Analysts are calling it a Dovish Taper after the Federal Reserve Chairman
discussed a potential to resume a scale back of the asset purchase programme this year, however reiterating the risks of moving
too soon and also assuring investors that the Fed would not move to substantially tighten monetary policy as it takes its steps to
reduce stimulus.
Even amid uncertainty as to economic policy direction, the market has taken solace to the fact that there would not be a
“taper tantrum” situation and as such has helped push US interest rates a tad lower and stocks higher. We market to follow this
theme in the near term.