The S&P 500 Index finished lower for the week as markets reacted to several economic releases, the ongoing uncertainty in Eastern Europe, and the release of minutes from the most recent Fed meeting. The January PPI Index growth of 9.7% year over year confirmed that inflationary pressures exacerbated by supply chain bottlenecks are continuing to inflict damage on producers. Retail sales numbers on Wednesday surprised to the upside as consumer behavior was driven mostly by online retail, automobiles, and building materials. Also on Wednesday, minutes from the recent Fed meeting were released which indicated that market expectations for multiple rate hikes in 2022 are well founded.
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