The much-anticipated summit between the Presidents of the US and Russia turned out to be heavy on symbolism and flattery but very light indeed on concrete progress towards a ceasefire, let alone peace, in Ukraine. The red carpet was rolled out for an indicted war criminal whose country, whilst allegedly pursuing peace, was bombing its neighbour as the talks were taking place.
If you think the investment environment is bewildering, you are correct. The now-infamous nonfarm payroll data from two weeks ago and the subsequent sacking of the head of the Bureau of Labor Statistics raised many eyebrows, prompting questions about data accuracy. Consumer inflation data was mixed, with the headline reading better than expected but the more significant core figure proving a tad disappointing.
Whoever the White House pick might be to fill the vacant seat on the Board of Governors at the US Federal Reserve is not known yet, but the ever-bulls perceive more sway on the committee. Wishful expositions from the Administration would have, until a place on the board became available, been greeted with zero reaction, but not now.
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