After a strong March, major U.S. equity indexes retreated in April. Rising Treasury yields were a prevalent theme for much of the month, while attention turned to corporate earnings and the Fed meeting at the end of the month.
1st Quarter Economic
The first quarter featured two Fed meetings, with the Fed leaving rates unchanged in January and March. The result is the same current target overnight lending rate of 5.25 – 5.50%, a 23-year high.
Monthly Economic Update: April
Market bulls were also cheering the prospects of a more accommodating and rate-cutting Fed later this year, and they were bolstered by Federal Reserve Chair Jerome Powell’s comments on monetary policy, further catalyzing gains for the month.
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