Weekly Market Report (19 June 23)

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News Last Week

Federal Reserve raised the Fed Funds rate, resulting in the highest prime rate in almost two decades
U.S. debt continues to grow, damaging the credit rating and limiting access to capital
Inflation rate in the U.S. softened in May, reducing pressure on the Federal Reserve to raise interest rates
People's Bank of China (PBOC) cut lending rates as the post-Covid recovery struggles
S&P 500 entered a bull market, reflecting positive investor sentiment
Federal Reserve halted interest rate increases but signaled the possibility of two more hikes by year-end

U.S. markets closed on Monday for the Juneteenth holiday
Key housing market updates: Building permits and housing starts for May, NAHB's Housing Market Index for June
Federal Reserve Chair Jerome Powell's testimony before Congress
Release of S&P Global's Purchasing Managers' Index (PMI) for June
Earnings reports to watch for: FedEx, Accenture, Darden Restaurants, BlackBerry