Market Commentary
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The CPC Team
August 19, 2024
July 2023 Economic & Market Highlights
- Stock markets continued upward in July, with domestic small caps and emerging markets leading the way.
- Over half of the firms listed on the S&P 500 reported their second-quarter earnings, with an impressive 78.7% of them surpassing analyst expectations.
- As widely expected, the Federal Reserve hiked interest rates by 25 basis points (0.25%), bringing the target rate to 5.25% - 5.50%. Federal Reserve Chair Jerome Powell stated that the Fed was not predicting a recession and did not rule out another rate hike.
- Economic indicators for the third quarter of 2023 showed continued economic surprise momentum. June core PCE inflation printed at 0.2% MoM and 4.1% YoY, the softest reading since September 2021. 02 GDP came in at 2.4%, exceeding consensus expectations, and consumer confidence reached its highest level since mid-2021.
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