Financial News and Portfolio Management Discussion through July 17th

US stocks fell over the week over concerns over future economic growth and inflation. The S&P 500 fell 1.0% and Dow dipped 0.5% for the week. Abroad, the FTSE All World Ex US was up 0.6% for the week. The yield on the 10-year Treasury fell over the week to end at 1.30%, its lowest level since mid-February.

The CPI rose 5.4% from a year ago, the highest 12 month increase since 2008 and higher than expected.

In comments in front of Congress, Fed Chief Powell said he expected inflation to moderate after bottlenecks and supply chain constraints unwind, but the central bank wouldn’t hesitate to raise interest rates to keep inflation in check.

China’s economy grew 7.9% in the second quarter, in line with estimates. June saw better than expected numbers on factory output, retail sales, and capital investment.

Weekly initial unemployment filings fell to 360,000 over the past week.

Consumer sentiment fell in early July on inflation worries.

US retail sales rose 0.6%, while a drop was expected.

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