Tuesday, the market declined overall, while the S&P 500 and Nasdaq hit new record closing highs. The $S&P 500 Index traded +0.25%. The $Dow Jones Industrial Average climbed about 0.17%, and the $Nasdaq Composite Index climbed 0.22%.
This week in macro, investors can expect the Federal Open Market Committee's meeting minutes, alongside a deluge of FOMC and Fed speeches. Monday Morning, Fed Vice Chair Jefferson said the economy is growing at a solid pace, and its too early to tell if the current disinflation slowdown will last longer.
Cleveland Fed President Loretta Mester on Monday suggested she was thinking about backing away from her prior expectation that the U.S. central bank will cut interest rates three times this year.
As recently as early April, Mester had three rate cuts penciled in for 2024. Now, she has her doubts.
Last week, Wednesday CPI numbers for April came in right at expectations. Prices advanced 3.4%, and core prices advanced 3.6% in April compared to a year ago, and 0.3% month over month.
Tuesday morning, the $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ was 4.83, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ 4.41.
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