Trimming Gains as Rate Outlook Steepens11/07/2022

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November 7, 2022

Stocks Retrace Prior Gains

U.S. stocks ended lower last week after the S&P 500 and Nasdaq Composite previously registered back-to-back weekly gains. The major market news last week was the widely expected 0.75% Fed rate hike to new range of 3.75% - 4.0%. While investors interpreted the Fed Statement as dovish, Fed Chairman Jerome Powell’s press conference comments were decidedly hawkish, including no pause on rate hikes foreseen anytime soon. Market expectations for higher rates steepened towards peak rates of over 5.25% by May 2023.

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