News & Events

The Weekly Wrap - May 27, 2022

Following seven consecutive weekly declines, the stock market staged a robust advance this week, with the S&P 500 gaining 6.6 percent. Investors were apparently encouraged by the minutes of the May 3-4 FOMC meeting, as Fed officials did not sound as hawkish a note as feared. Still, there is no question that the Fed is continuing on its aggressive rate-hiking path, with taming inflation the primary objective. The key takeaway from the minutes is that it confirmed expectations the Fed was poised to raise its policy rate by 50 basis points in each of the next two meetings, following the similar half-point hike taken at the May meeting.