•Markets
•S&P 500 +1.4%
•Dow Jones +1.1%%
•NASDAQ +2.2%
•Russell 2000 +0.01%
Domestic equity markets finish the week higher. The past week marked a big week for stocks. Why? The Federal Open Market Committee (FOMC) raised interest rates by another 0.25%, and stated it will not cut rates until 2024. Inflation and interest rate policy have run stock markets for a couple years now. For equities to outperform on a week with seemingly poor inflation-related news is big. The Fed remains constant on its message and the markets appear to recognize that consistency. Helping the inflation narrative was the fact that U.S. median sales price of previously owned homes dropped for the first time since 2012. This signals to the Fed that the housing market is cooling and it’s interest rate hikes are working.