Weekly Commentary | Aug 4, 2024 | Sahmertime Sadness, CEFs Hold, Tenders And Rights Offerings, Loan Fund Cuts Coming?
Macro Picture
The macro picture definitely moved to the downside as a few data points came in significantly weaker than expected. The key was that we moved from bad news = good news to bad news = bad news.
As such, the market reacted to all the negativity by moving lower pricing in a greater chance of recession.
The data points were:
ISM Manufacturing at 46…
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