After the longest series of weekly drops during the past decade, the S&P 500 rose over 6% last week and 9% from the low last Friday. The index posted its best weekly return since 2020. Almost all other assets rose along with stocks, with only the dollar and cryptocurrencies lagging during the week. Volatility has been rampant during the year as investors cling to every economic release hoping to balance the observed inflation and growth indicators with potential interest rate moves by the Fed. Last week, The Federal Reserve; Bank of Atlanta President Raphael Bostic said policymakers could pause rate hikes in September if two half-point moves were made during the next two meetings. Chairman Jerome Powell added that the two moves in June and July could leave more room for rate increases if inflation data continues to show elevated levels.
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