Financial News and Portfolio Management Discussion through August 29th

US stocks continued to climb to reach new all-time highs aided by changes from the Fed and economic news.  Stocks have gained on all but four trading days this month.  The S&P 500 gained 3.3% and the Dow was up 2.6% for the week.  Abroad, the FTSE All World Ex US rose 2.0% for the week.  The yield on the 10-year Treasury climbed over the week to end at 0.73%, its highest level in two months.

The number of Americans applying for unemployment benefits fell slightly from the previous week in line with estimates.

The Fed approved a significant change in how it manages inflation.  It will no longer proactively raise Fed Funds rate to head off higher inflation and instead allow it to remain higher than its target 2% if inflation runs below 2% for a period of time.  It will seek to target an average inflation rate of 2%.  The move likely means interest rates will remain lower for longer.

US consumer spending rose 1.9% in July from June, but the pace eased from earlier months.

There is no guarantee that any investment strategy, including those described here, will be successful. Any investment or investment strategy can lose money. Past performance does not guarantee or predict future results. You should not assume that any discussion or information contained herein serves as the receipt of, or as a substitute for, personalized investment advice from Raffa Wealth Management, LLC. This information was gathered from reliable sources, but we cannot guarantee accuracy. Indexes do not reflect the fees associated with actual investments and such fees would reduce the performance illustrated. Source: FMG Suite, LLC.
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