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Headmaster Speaks Later
Chairman Powell is due to speak later today and after the market's ebullient response to the recent FOMC speech we may expect a talking-to today. And it may be that short-term traders, retail in particular, sell down accordingly. Sat behind the scenes already is a rising 10-year yield and a rising dollar. These are usually - not always but usually - signals that equities are likely to fall. All of this is within our overall bullish longer term outlook, but we anticipate some weakness in the coming days.
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