The Rashomon Effect

Same Data, Different Interpretations

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In Summary

In this month’s report, The Rashomon Effect, Rockefeller Global Family Office’s Chief Investment Officer Jimmy Chang discusses how the market has been affected by the Federal Open Market Committee’s dovish policy stance despite having raised its economic growth and inflation expectations during its meeting in March. One of the drivers of stronger economic growth expectations turned out to be higher-than-expected net immigration, which the Congressional Budget Office has finally quantified. Jimmy also discusses the unusual divergence in employment data – Establishment data showed continued strength while Household data warned of recession.