Fed Chair Jerome Powell noted in his commentary that the fed funds rate is now close to the Fed's estimate of a neutral rate, indicating an official end of the post-pandemic easy money policy 1. The July Fed meeting confirmed that future rate hikes will be data-dependentĪs expected, the Federal Reserve raised rates this week by 75 basis points (0.75%), bringing the benchmark fed funds rate to about 2.5%. Had financial markets not been down substantially this year, there may have been more volatility this week, but with the S&P 500 Index down over 17% and the Nasdaq down close 24%, markets perhaps de-risked and set a lower bar ahead of the data 1. economy is slowing, as evidenced by the GDP data, Fed commentary, and earnings results Ģ) The Federal Reserve may now start to hike rates at a more gradual pace andģ) Markets did a lot of work to the downside ahead of softening economic and earnings data. We would highlight three key takeaways from the week:ġ) The U.S. Overall, while data broadly seemed soft, market reaction was largely positive, perhaps reflecting results that were better than feared and markets that had priced in sluggish growth already. Last week markets faced a triple-whammy of data, including the July Federal Reserve rate decision, the second-quarter GDP (gross domestic product) reading, and the ongoing second-quarter earnings season, with a focus on large-cap technology.
Many of the smaller villages of Almeria do have some kind of weekly market, often it is a matter of bringing in fresh fruit and vegetables and stalls tend to be limited in numbers consisting of maybe three or four outlets, none the less, they still provide an essential service to many of the more rural pueblos.Big week for markets: Our take on the Fed, GDP and earnings It is worth noting that vehicle access to market streets is restricted on market days. In the rare event of rain many stalls will not open. Markets usually set up early in the morning, ready for service around 9am though it is possible to shop a little earlier than this, ordinarily they close as shoppers dwindle in the heat of the sun, typically at around 1pm. I am lucky enough to live in a market village and indulge in this weekly ritual.Īn important asset for any market goer is the traditional shopping trolley, every serious Spanish shopper has one, they stand upright on two wheels with a handle for easy maneuvering, and annoyingly take up too much space in crowded market conditions, but I must confess to owning my own, they are just so convenient for carting my weekly supplies back home and I really feel like part of the community when jostling for space next to the fruit and veg stall. Groceries and household goods are generally a fixed price.įor residents and holiday makers alike a weekly trip to the nearest local market becomes a fundamental part of the lifestyle here. On certain stalls haggling is accepted, and often expected, the banter of the stall holder is usually a good indication of whether or not to try to barter. For gentlemen there is always a good selection of shorts, shirts and t-shirts, and in general shoes are a good buy for the price. Ladies wear best buys are in summer clothing, such as cotton sun tops, dresses, shorts and skirts, they won't last forever but offer fashion at knock down prices.
Of course understanding the often rapid reply can be a little more difficult!Ĭlothing is cheap and can be a little tacky but there are some decent bargains to be found. I recommend trying to learn the Spanish words for the fruit, veggies and other items that you may be inclined to request, most phrase books will list them phonetically, pointing and smiling works too but it is much more rewarding to be able to ask for what you want in the language. As a rule spices, olives, olive oil, hams, and chorizo, a spicy Spanish sausage, are also likely to be available. The numerous fruit and vegetable stalls offer the greatest choice, with a tempting selection of seasonal and year round fruits and a wide range of freshly grown vegetables and herbs. Stalls include fresh local produce and various products, from useful household items to clothing and fashion accessories. Traditional Spanish markets - one of the best places to appreciate Spains culinary diversity is at the local market. Colourful open air street markets are held in most of the main towns and villages throughout the province of Almeria, frequented by the locals themselves, the bustling stalls offer a real taste of Spanish life and a vibrant atmosphere in which to do a weekly shop.
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