| Index |
Daily Returns (Jan. 30th - Feb. 3rd) |
Weekly |
February |
2023 |
| Mon. |
Tues. |
Wed. |
Thurs. |
Fri. |
Return |
Return |
Return |
| S&P 500 |
–0.14% |
+1.65% |
–0.63% |
+1.75% |
–1.17% |
–1.44% |
–1.21% |
+2.36% |
| NASDAQ 100 |
–0.14% |
+1.65% |
–0.63% |
+1.75% |
–1.17% |
–1.44% |
–1.21% |
+2.36% |
| Dow Jones 30 |
–0.14% |
+1.65% |
–0.63% |
+1.75% |
–1.17% |
–1.44% |
–1.21% |
+2.36% |
| Developed Non-US |
–0.14% |
+1.65% |
–0.63% |
+1.75% |
–1.17% |
–1.44% |
–1.21% |
+2.36% |
| Emerging Markets |
–0.14% |
+1.65% |
–0.63% |
+1.75% |
–1.17% |
–1.44% |
–1.21% |
+2.36% |
| Core Bonds |
–0.14% |
+1.65% |
–0.63% |
+1.75% |
–1.17% |
–1.44% |
–1.21% |
+2.36% |
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Federal Reserve Meeting Minutes
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Last Wednesday, the Federal Reserve Open Market Committee (FOMC) met and raised the US federal funds rate 0.25%. Importantly, some key text in the Committee’s written statement has been changed to remove “ongoing increases” to “some additional policy firming” when discussing possible future rate increases. Chairman Powell also acknowledged in his comments following the meeting that recent events in the banking system would most likely result in tighter credit conditions and that was why the central bank’s tone had softened. This would imply that the rate hike, absent a banking crisis, would have been 0.50% due to recent inflation data and the strength of the labor market.
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Existing home sales exploded in February, up 14.5% when compared to January, due to lower mortgage rates and was the first monthly gain in 12 months. Existing home sales are based on closings so these contracts were most likely signed in late December and January when mortgage rates were lower. Annualized home sales are now estimated to be 4.58 million, but February sales remain 22% lower when compared to last February. New home sales in February rose 1.1% versus an estimated drop of -3.0%. New home sales are based on signed contracts so the better than expected number of new homes sold is likely attributable to the lower mortgage rates in the early part of February as rates rose into the end of the month.
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Below are the recent corporate earnings reports.
|
| Company |
Industry |
Sales |
Profits |
Comments |
| Lennar |
Housing |
Beat |
Beat |
Deliveries of homes up but new orders down. |
| Lennar |
Housing |
Beat |
Beat |
Deliveries of homes up but new orders down. |
| Lennar |
Housing |
Beat |
Miss |
Deliveries of homes up but new orders down. |
| Lennar |
Housing |
Beat |
Miss |
Deliveries of homes up but new orders down. |
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Last Wednesday, the Federal Reserve Open Market Committee (FOMC) met and raised the US federal funds rate 0.25%. Importantly, some key text in the Committee’s written statement has been changed to remove “ongoing increases” to “some additional policy firming” when discussing possible future rate increases. Chairman Powell also acknowledged in his comments following the meeting that recent events in the banking system would most likely result in tighter credit conditions and that was why the central bank’s tone had softened. This would imply that the rate hike, absent a banking crisis, would have been 0.50% due to recent inflation data and the strength of the labor market.
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Something Completely Different
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Last Wednesday, the Federal Reserve Open Market Committee (FOMC) met and raised the US federal funds rate 0.25%. Importantly, some key text in the Committee’s written statement has been changed to remove “ongoing increases” to “some additional policy firming” when discussing possible future rate increases. Chairman Powell also acknowledged in his comments following the meeting that recent events in the banking system would most likely result in tighter credit conditions and that was why the central bank’s tone had softened. This would imply that the rate hike, absent a banking crisis, would have been 0.50% due to recent inflation data and the strength of the labor market.
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Emily Wilborn2023-03-30T23:05:16+00:00
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