Weekend Update 3/17/2024
Weekend Update recaps market highlights and major news from Ursa’s portfolio. Not on Ursa yet? Download Ursa from the App Store!
Market ends slightly lower after more hot inflation data
๐ Hotter Core CPI. In February, both the overall and core CPI grew 0.4% M/M. While the overall metric was in-line with forecasts, core came in hotter. Regardless of expectations, both metrics have inflation running hotter than the Fed’s 2% annual target.
๐ฅต Hotter PPI. February PPI increased 0.6% M/M and core PPI rose 0.3%๏ผboth readings higher than expected and reinforcing the hotter CPI data from earlier. The case for quick #RateCuts is faltering with near-term CPI accelerating.
๐ฌ Optimistic market gives in. The S&P 500 ended the week slightly lower -0.1%. Barely the second straight (slightly) red week after markets gave up gains following the initial CPI results. We believe investors are still overly optimism for quick #RateCuts.
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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 Ursaโs full disclosures here.