Weekly Market Commentary
The First Quarter Ended on a Positive Note
Posted on April 3, 2023
Market Commentary by Larson COO Mitchell Wood
|This helped to curb some of the initial year-to-date losses which has placed this sector at the bottom of the list.|
|On an economic front, the quarter ended with the results of the Personal Consumption Expenditures. The 5.0 percent headline year-over-year reading for February’s PCE Price Index was a welcome reduction from January’s 5.3 percent number. This is the lowest number for the measure of consumer spending since September of 2021. The reduction in the PCE Price Index gave market analysts optimism that inflation is continuing to subside, relative to the recent peak.|
Finally, Treasuries rose last week as the yield curve recovered from some of the drop experienced the week prior. The move was mostly in the shorter end of the curve which steepened slightly. This sent the Bloomberg Barclays Aggregate bond Index down, while mortgages saw greater losses for the week and moderate gains within the corporates.
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