Market Commentary
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The CPC Team
August 19, 2024
June 2023 Economic & Market Highlights
- Despite less accommodative rhetoric from the Federal Reserve that caused yields to rise and interest rate cut expectations to be pushed out, markets rebounded in June, entering bull market territory (when returns exceed 20% from a recent low).
- Stock market participation broadened in June, with all sectors in positive territory following a very lopsided May.
- The Federal Reserve paused its tightening cycle for the first time in 15 months but signaled future rate hikes later in the year.
- US economic data showed resilience, with robust growth and moderating inflation. Key indicators such as core retail sales, durable goods orders, and housing activity performed better than expected.
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