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The Fed paused on interest rate hikes last week.  At the post meeting press conference Chairman Powell mentioned housing services as a crucial aspect of the economy where the Fed needs to see progress on inflation.

“Struggle is a never-ending process. Freedom is never really won, you earn it and win it in every generation.”

– Coretta Scott King –

“My father gave me the greatest gift anyone could give another person:
He believed in me.”

– Jimmy Valvano –

“America was not built on fear. America was built on courage, on imagination and an unbeatable determination to do the job at hand.”

– Harry S. Truman –

If you are tired of reading about inflation, I don’t blame you. Since the Fed began hiking rates a little over a year ago, economists and investors have been intensely focused on each monthly data release, desperately looking for signs that the inflationary trends are reversing.

“Your task will not be an easy one. Your enemy is well-trained,
well equipped and battle-hardened. He will fight savagely… I have full
confidence in your courage, devotion to duty and skill in battle.
We will accept nothing less than full Victory!”

Almost half-way through 2023, the stock market is outperforming most analysts’ expectations as earnings rebounded nicely and equity indices are mostly positive. The most popular domestic equity benchmark, the S&P 500, is up 9.7% for the year as of May 31st, a solid bounce back from 2022’s 18.1% decline.

“The Next Generation must never forget the service, sacrifice, and commitment of those
who enable us to live in the greatest nation the world has ever known – that is the
essence of Memorial Day.”

– Lt. Col. Allen B. West –

In our Annual Outlook for 2023, we raised the possibility that the US economy could potentially avert recession in 2023, powered by full employment and robust consumer spending. Thus far, with roughly a month left in the 2nd quarter, the US economy has proven itself surprisingly resilient, with GDP growth of 1.3% in Q1 and unemployment at just 3.4% in April.

If you are a long-term investor, you most likely have your portfolio allocated in a diversified manner, with equity exposure that extends beyond the US borders to include foreign Developed Market (DM) and possibly Emerging Market (EM) exposure.