Weekly Commentary | August 25, 2024 | Buys: RSF, BST, FLC/LDP, BXMX, JEQ, EMO

Summary

• S&P 500 hits record high as Fed Chair hints at interest rate cut; Nasdaq still below July record.

• Payroll revisions show 818K jobs lost, pushing interest rates lower and impacting market sentiment.

• Muni CEF discounts remain near cycle lows, while taxable CEFs show mixed performance with some discounts widening.

Macro Picture

The S&P 500 moved back in…