Financial News and Portfolio Management Discussion through September 17th

US stocks sharply declined for the week, as September’s CPI report showed inflation is running hotter than expected. The S&P 500 fell by 4.7% and the Dow was 4.1% lower for the week. Foreign markets declined with the FTSE All World Ex US down 2.7% for the week. US crude was lower for the week ending at $85.11 per barrel, down from $86.79 the week prior. The yield on the 10-year Treasury ended the week higher at 3.45% up from 3.32% the week prior.

CPI rose 8.3% in August from the same month a year ago, above the 8.1% forecasted, but down from 8.5% in July and from 9.1% in June. Core CPI, which excludes energy and food prices, increased 6.3% in August from a year earlier, higher than the 6.1% expected and above the 5.9% rate in both June and July. On a monthly basis, core CPI rose 0.6% in August, above the 0.3% increase expected and double the increase from July.

Mortgage rates rose above 6%, their highest level since 2008, more than double the rate from a year ago.

The railroads and union leaders reached a tentative labor deal to avoid a nationwide strike.

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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