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JPM | Marissa’s Macro Musings - Long Week, 3 Quick Charts
研报英文原文证据摘录
Specialist Sales
US Specialist Sales
07 August 2026
JPMORGAN
JPM | Marissa’s Macro Musings - Long Week, 3 Quick Charts
Marissa Gitler
US Thematics focuses on key macro views, market debates, and favored investment themes.
Long week. 3 quick charts that explain this week in macro, simply.
1. Bad is Good
If Friday’s NFP reaction wasn’t enough of a clue, the equity market is rewarding weaker data. Why? It gives more credibility to
Warsh’s decision to hold rates in July. The shift in September hike pricing after NFP informs this (to 45% from 55% prior). Bad
economic data (CESIUSD), good for stock market (SPX). The market is trading the Fed rate path instead of the data.
CESIUSD (White) vs SPX (Yellow)
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