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Student of the Market: June 2023
June 2023 Highlights:
- Low consumer confidence
Consumer confidence is relatively low and uncertainty remains persistent. Following past periods of low confidence, U.S. stock performance has tended to pick up. - Largest and longest growth cycle in history
We’ve witnessed the longest growth cycle in history, lasting 9 years. Previous cycles of such outperformance have led to value stocks outperforming over the following 10 years. - What we’re watching: Fed action
Amid talk of a potential rate pause from the Fed, we note that the fed funds rate has finally caught up to the current inflation rate. When this has happened in the past, core bonds tend to benefit.
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