Labour markets still tight and inflation sticky

In January, financial markets increased sharply on optimism that central banks are nearing the end of the interest rate tightening cycle and may even engineer a soft economic landing. If a soft landing eventuates, profits will slow but not dramatically and then as the easing cycle commences, higher profits will be in the offering which may be needed to justify what looks to be a expensively valued share market in the US and to a lesser degree in Australia.

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