April 6, 2023

Weekly Market Update

By Michael McKeown, CFA, CPA - Chief Investment Officer

Weekly Market Update

Chart of the Week

Hundreds of billions of dollars moved out of banks last month. Given the turmoil and better yields elsewhere, this was not a surprise. Money markets were a large beneficiary. Cash flows went into government money markets along with movement into Treasuries and Certificates of Deposits. While this is great for short-term holdings, long-term money should consider locking in yields for a longer duration. That would be moving out into the intermediate-duration range. The Fed is holding short-term rates in restrictive territory, far above what it deems as neutral. These times have not lasted long in recent years.

It's a Long Way to the Top

What We’re Reading

Myth-Busting: The Economy Drives the Stock Market – CFA Institute
Guide to the Markets – JPMorgan
How Plan Sponsors Can Offer Backdoor Roth Conversions – Plan Sponsor
Is it finally time for Europe Equities? Viva La Revolución! – Verdad
How a Midwestern Insurance Salesman Cornered the Classic Car Market – Bloomberg

Podcast of the Week

Ken Kencel on the Rise of Private Capital – Masters in Business

Last Week

Manufacturing and services data came in below expectations. In addition, the ADP jobs report showed fewer jobs than forecast for the month. On the positive side, prices for personal consumption were lower as confidence grows that inflation peaked last summer.


The Past Week

The Week Ahead

Over the coming days we have high impact data releases. On Friday, the March jobs report comes out, and then on Tuesday the latest Consumer Price Index. Retail sales will be interesting as the banks reported mixed results on credit card spending during the market volatility seen last month.

The Week Ahead

Thank you for reading.

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