Equities Digest Fed's Latest Views03/22/2021

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March 15 - 19, 2021 Recap

Stocks Weaken as Yields Jump
U.S. stocks drifted lower last week amid heightened stock and bond market volatility surrounding several policy decisions from the Federal Reserve. The Fed vowed to keep interest rates near zero through 2023 to allow the economy to more solidly recover even if that means inflation may exceed their 2% annualized target. Markets were taken aback Friday when the central bank announced it will end its supplementary leverage ratio (SLR) bank benefit program at the end of March. The Fed’s SLR benefit relaxed its normal capital requirements for banks by exempting Treasury securities and cash reserves from the calculation.

Narrow Losses
For the week, the S&P 500 declined 0.74%, the Dow Industrials slipped 0.46% and the tech-concentrated Nasdaq Composite fell 0.77%. The small cap-focused Russell 2000 retreated 2.76%, while Small Cap Value lagged the most, down 2.93% after gaining 8% the prior week.

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The Weekly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.

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