Weekly Market Update
By Michael McKeown, CFA, CPA - Chief Investment Officer
Chart of the Week
Russia cut off gas supplied to Europe indefinitely, looking for a lift to the economic sanctions that are hurting the Russian economy. The new U.K. prime minister proposed a fiscal spending bill to freeze energy bills at the current level for this winter and next. Natural gas prices in Europe rose sharply in 2021. Prices today are nearly 5 times higher than in the U.S.
What We’re Reading
All the Personal-Finance Books Are Wrong – The Atlantic
Don’t Sweat a Housing Crash As Long As Wages Are Rising – Bloomberg, via FA Magazine
Does the S&P 500 Deserve its Premium Valuation over Small, International, and Value Stocks? – Verdad
It’s Time to Fight the Fed – Rareview
Where Golf & Investing Meet– Marcum Wealth (in case you missed it)
Podcast of the Week
Just How Bad Is the Economy Getting in China? – Odd Lots, Bloomberg
The Past Week
Last week’s message by Federal Reserve Chairman Jerome Powell at Jackson Hole was that interest rates would be higher for longer. Home prices rose less than expected as mortgage rates continue to challenge buyers. Consumer confidence and manufacturing data came in higher than expected. The jobs report on Friday beat expectations with 315,000 new jobs created. Despite this positive news, the unemployment rate increased to 3.7% as more people entered the workforce.
The Week Ahead
Global economic news continues to be the center of attention this week. The European Central Bank meets on Thursday to announce its latest interest rate decision. This week’s U.S. data on services, consumer credit, and inventories will be important to watch for the economic outlook.
Talk to you next week
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