Market action shreds the recent pivot narrative

Today's slide deck: https://bit.ly/3yk6Bwk   - Saxo Q4 2022 Quarterly Outlook: Winter is Coming   - Click here to open an account with Saxo  - Today we note that the action in yesterday's session seemed to largely shred the central bank pivot narrative, not only because of a robust US ISM Services survey for September, but also as the reaction function across markets, with still resilient equities as yields rose sharply again didn't fit the narrative. We also look at whether bonds are offering solid value here, particularly at the shorter end of the yield curve, discuss Shell's profit warnings yesterday as an interesting harbinger and look at important variables to watch if the Fed is ever to begin pivoting (plot spoiler: not soon). Today's pod features Peter Garnry on equities, with John J. Hardy hosting and on FX. Intro and outro music by AShamaluevMusic