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US equity markets pulled back and made a lower high despite cooing doves this week from the Federal Reserve and a plunging dollar. US yield curves inverted further as markets tempered their optimism on China. Earnings season has finally wound up with better-than-expected results, despite a sudden slowdown in guidance which has flipped decisively negative after two years of remarkable optimism from corporate America. Economic data this week was high volume and covered housing, consumer spending, manufacturing, and more. We discuss in detail as well as taking a look at what tech layoffs say about the broader labor market, how consumer discretionary stocks have traded into Thanksgiving, the signals being sent by the US yield curve and fixed income markets more broadly, and runoff in liquidity as the Fed removes reserves from the system as well as raising rates. We cover all that and much more in this week’s Bespoke Report.

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