MARKET RECAP

• In an up and down week US stocks were up by 0.53% while international stocks fell by 2.38%
• Personal-consumption expenditure deflator was up 4.9% in December.
• Fed will raise rates in March. Powell sounded hawkish at the Fed meeting this week. A half-point increase could be on the table.
• Apple and MSFT had blockbuster earnings.
• The yield curve is getting flatter, the 2-10 spread is 0.61 compared to 1.069 on 12/31/21.
• We might be in a more normal market environment now, since 1957 when the S&P 500 was created, the index has dropped on average about 10% once per year and 5% more than three times a year, according to Dow Jones Market Data.
• The AAII Sentiment Survey has the  highest bearish reading in the last year at 52.9%.

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