Connect The Dots.
It was quite an extraordinary week in financial markets and potentially a very consequential one. The S&P 500 closed on Thursday at a higher level than it was the day before the Federal Reserve first started raising interest rates in March 2022. In other words, the index has now officially erased more than a year of Fed-inflicted interest rate pain.
By the time the Fed meeting wrapped up on Wednesday, we had already received significant correspondence from the trenches of the war on inflation. When the Consumer Price Index (CPI) for May came out the day before, we learned that retail…
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