Analyst
The stock market opens slightly higher today after recording a modest gain on the previous trading day as the end of the quarter draws nearer.
The key economic data expected later today will help to gauge the health of the economy despite the recessionary fears emanating from the aggressive move of central banks around the world to combat inflation.
Christine Lagarde, the President of the European Central Bank, has repeatedly played down recession concerns in the Eurozone saying that her team is ready to raise the rate at a faster pace if inflation continues to shoot higher. The members of the Open Market Committee have also shared the same level of optimism that the current spate of hikes should not trigger a recession. This submission is like the previous description of the bankers when they unanimously described inflation back then as transitory. Although I hope they are right this time!
The officials of the Central Banks are gathering in Portugal this week for their annual conference with a focus on mitigating rising inflation.
The question on the lips of market participants to the Central Banks has been "Will they really hike rates into a recession even if inflation is high"
The recent resurgence in the stock market could be short-lived if the aggressive plans of the Central Banks hold sway.
Until the next series of rate hikes take effect, I expect the rebound to continue.
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