Weekly Commentary | August 20, 2023

Summary

• Stocks retreated for the third consecutive week, with the S&P 500 down 5.15% from its peak on July 26th.

• The 10-year yield hit the highest levels of the cycle at 4.33% before falling back to 4.23%.

• The Fed may need to continue raising rates due to resilient growth, potentially leading to inflation and further action from the Fed.

Macro Picture

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