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Financial Market Update: Week in Review

November 21, 2022

A steady drip of hawkish comments from Fed officials this week more than offset a batch of generally strong corporate earnings and economic data that suggested a combination of easing inflation and resilient consumer spending. The result was a 0.7% weekly decline for the S&P 500 after the benchmark surged 5.9% the prior week. Federal Reserve Bank of St. Louis President James Bullard stated interest rates need to reach a “sufficiently restrictive” level of around 5% to 7% to subdue inflation. Fed Governor Christopher Waller said “we’ve still got a ways to go” before stopping rate hikes. Finally, Federal Reserve Bank of Boston President Susan Collins said early Friday morning that October’s softer-than-expected consumer price index (CPI) data has not changed her view that additional interest rate hikes followed by a period of elevated rates will be required to tame inflation. Read more and see the market update here

via MainStreet Investment Advisors, LLC

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