Forty "W"ritings

While there still may be pain to be felt in the economy we can be thankful for equity markets in 2023.

Key Takeaways: Monetary policy typically acts on a lag. Aggressive tightening cycle starting to filter into the economy. Labor market is showing signs of weakening. Consumers are strained by high borrowing costs. Housing is paralyzed.

Key Takeaways: Credit card debt surging. Confidence falls further. Inflation expectations highest since 2011. U.S. equities lead global equity rally. Yields higher on weak auction demand. Commodities fall sharply; oil near bear market.

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Key Takeaways: S&P 500 expected to report earnings growth for first time since 3Q22. Communication services leading performance. Financials resilient, but see risks given tighter financial conditions. Energy suffering on lower year-over-year oil prices. Multinational companies being hurt by stronger U.S. Dollar.

Key Takeaways: Consumer confidence falls to a five-month low. Fed keeps interest rates unchanged. U.S. economy adds fewer jobs than expected. Major U.S. markets post best performance in roughly a year. Treasury yields plunge as Fed keeps rates steady. Gold and dollar soften on anticipation Fed is done.