Weekly Market Update
By Michael McKeown, CFA, CPA - Chief Investment Officer
Chart of the Week
The strength of the U.S. dollar is on display as it makes multi-decade highs against currencies around the world. The faster pace of interest rate hikes domestically compared to the rest of the world continues to pressure foreign currencies. Last week, Japan’s Ministry of Finance intervened in the currency market for the first time since 1998 to slow the Yen’s slide. This may be the first of many countries to contemplate intervention.
What We’re Reading
FOMC and Inflation: What You Need to Know – Henry McVey, KKR
Predicting the Next Recession – Calculated Risk
The Matter of Nukes and Ukraine [Video] – Zeihan on Geopolitics
Ivy Zelman Sees Home Prices Falling 9% from 2023 to 2024 – Fortune via Yahoo
Podcast of the Week
What Europe Needs To Do This Winter – Odd Lots
The Past Week
Housing data was mixed last week, though the homebuilder survey showing contraction at below 50 confirmed the negative outlook. The Fed raised interest rates 0.75% as expected. Jobless claims continued to fall while both manufacturing and services data surprised on the upside.
The Week Ahead
A snapshot of the economy will be out with data releases this week. The National Activity Index, a co-incident economic indicator, from the Chicago Fed showed steady growth in August. Investors are thinking about how earnings will be affected by the rise in interest rates and slowdown in certain sectors.
Talk to you next week
Important Disclosure Information
Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by Marcum Wealth, or any non-investment related content, made reference to directly or indirectly in this commentary will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this commentary serves as the receipt of, or as a substitute for, personalized investment advice from Marcum Wealth. Please remember to contact Marcum Wealth, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services, or if you would like to impose, add, or to modify any reasonable restrictions to our investment advisory services. Unless, and until, you notify us, in writing, to the contrary, we shall continue to provide services as we do currently. Marcum Wealth is neither a law Firm, nor a certified public accounting Firm, and no portion of the commentary content should be construed as legal or accounting advice. A copy of the Marcum Wealth’s current written disclosure Brochure discussing our advisory services and fees continues to remain available upon request. Please advise us if you have not been receiving account statements (at least quarterly) from the account custodian.
Historical performance results for investment indices, benchmarks, and/or categories have been provided for general informational/comparison purposes only, and generally do not reflect the deduction of transaction and/or custodial charges, the deduction of an investment management fee, nor the impact of taxes, the incurrence of which would have the effect of decreasing historical performance results. It should not be assumed that your Marcum account holdings correspond directly to any comparative indices or categories. Please Also Note: (1) performance results do not reflect the impact of taxes; (2) comparative benchmarks/indices may be more or less volatile than your Marcum accounts; and, (3) a description of each comparative benchmark/index is available upon request.