Weekend Update 6/18/2023

Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!

Markets rise for 5th straight week shrugging off hawkish Fed rate forecast…

😊 No CPI surprise. May CPI came in at +4% Y/Y in-line with expectations with core CPI up +5.3% (also in-line). Investors were happy with in-line report which would not be likely to derail the expected #RisingYields pause later in the week.

🦅 Hawkish pause. The Fed held rates flat at its June meeting as expected. However, the Fed isn’t calling the peak of #RisingYields just yet. The Fed’s rate expectations dot plot is penciling in 2 more hikes this year before lowering rates next year.

😅 The rally continues. Markets were jittery following the more hawkish #RisingYields forecast, but quickly shook them off with more balanced economic data the next day. The S&P 500 ends a 5th consecutive week green up over +2.5%.

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The statements, opinions and analyses presented here are provided as general information. This article is the opinion of the author. Anything within this article should NOT be considered an investment recommendation or advice. See Ursa’s full disclosures here.