Market notes: into the New Year

As first weeks go, the first week of the year was nothing like as bad as it could have been, given the prevailing negative sentiment after such a poor December. The two things that helped to turn it around were the latest monthly jobless figures in the United States on Friday and a conciliatory signal from Jerome Powell, the chairman of the Federal Reserve, that the central bank would be flexible in implementing its shift to a tighter monetary policy.  I was expecting something of the sort, as noted last week, but not necessarily this soon.

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