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Generally positive capital markets along with ample helpings of uncertainty have been the primary feature of this last quarter in the financial markets. A fair sprinkling of positive developments have continued to influence the bullish among us as inflation moderated, jobs remained plentiful, the debt ceiling standoff was resolved and folks contemplated the potential productivity enhancing attributes of many of the AI related technologies.  The Federal Reserve Open Market Committee raised the Fed funds rate today by 0.25% to a new range of 5.00-5.25%. The vote was unanimous. Starting from 0.00% just over a year ago, this continues to be the quickest and most robust hiking cycle since the early 1980s.  This year markets started on a positive note with substantial gains in stocks but ebbed a bit in March with concerns about the banking sector. March however, as the saying goes, came in like a lion and out like a lamb as concerns eased about the banking situation.  The Federal Reserve Open Market Committee unanimously raised the fed funds rate today by 0.25% to a range of 4.75-5.00%. Starting from 0.00% just a year ago, this continues to be the quickest and most robust hiking cycle since the early 1980s.  Declines in the stock market and a deterioration in sentiment in recent days were partially due to sharp banking sector declines this week. These stemmed from worries over what started as capital crisis in a couple of specific California banks (SVB Financial/Silicon Valley Bank and Silvergate), ending their failures within a few days.  The Federal Reserve Open Market Committee raised the Fed funds rate today by 0.25% to a range of 4.50-4.75%. The vote was unanimous, and continued a deceleration in tightening, after four straight 0.75% moves in 2022, and capped by 0.50% in December. Last year’s hiking pace was the fastest and steepest since the early 1980s.  |
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