Inflation is currently a big problem

Overview Stock indices suffered sharp falls early on but recovered after Wednesday lunchtime on a combination of short-covering and marginally better news from banks, to end roughly unchanged on the week. We would describe this as a ‘relief rally’ but note that we have formed ‘hammer’ candles on many charts suggesting a few weeks of consolidation above these lows. The same effect in Treasury yields which rallied from new recent lows to end unchanged on the week. Credit spreads widened
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