- Markets
- Dow Jones Industrial Average +1.2%
- S&P 500 +2.4%
- Russell 2000 +0.4%
- NASDAQ +3.2%
The major U.S. equity markets finished the week higher. The Federal Reserve paused interest rate hikes for the first time in nearly a year and half. Though central bank officials struck a hawkish (inclined to raise rates) tone following the pause, investors regained confidence and stock markets rallied. The Fed’s actual inflation gauge, the Consumer Price Index (CPI), came in at 4% for May. The number is still high but it is much better than June 2022’s 9.1% figure. Some metrics, such as core inflation, remain tricky to tackle. With that said, the numbers are heading in the right direction, and the central bank affirmed this notion by pressing pause on rate hikes.