The S&P 500 gained +1.4% last week, led by communication services (+3.4%) and energy (+2.3%). These sectors were followed by materials (+2.1%) and technology (+2.0%). Other sectors were generally positive as well, excepting real estate and utilities--neither of which like higher rates. As expected, the Fed raised the Fed Fund's target by 25 bps, acknowledging they think the inflation fight isn't done, despite the global banking anxiety and unprecedented bond market volatility.
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