"Markets are moving through a transitional phase," according to top Goldman Sachs macro trader Paolo Schiavine and not just in price action, but in macro function.
The Fed is still the shock absorber, and while inflation data might remain elevated , that alone may not stop the start of easing.
We are likely moving into a Fed that needs to elongate the cycle, not just a Fed that monitors CPI prints. The NFP might be the catalyst. GS 85K vs mkt 113K.
