IVOV - PCE Seals The Memo

Summary

• On the heels of a heady January when it sometimes seemed like we were headed right back to the bubble-blowing meme stock craze of 2021, the big news in markets over the past several weeks has been a repricing of expectations about the Fed’s likely terminal rate, interest rates in general, the US dollar and finally, it would appear, the stock market.
• The PCE is the index the Fed uses as its main gauge of inflation for formulating monetary policy.
• As for stocks, the immediate post-FOMC euphoria gradually turned cooler, with shares mostly treading water until the more decisive downward trend of the past two weeks.

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