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Seventh Consecutive Week of Gains for the S&P 500

Seventh Consecutive Week of Gains for the S&P 500

December 19, 2023

Last week, the markets remained bullish with all five indices closing higher, marking the seventh consecutive week of gains for the S&P 500. The standout moment was Wednesday's FOMC Meeting, where the Fed decided to keep interest rates steady at 525 – 550 bps. Fed Chairman Jerome Powell's post-meeting comments signaled a shift in tone towards accommodation, citing progress in the labor market and inflation.

Treasury rates dropped significantly, and the CME Group's Fed Watch Tool suggested a reduced probability of future rate increases.  Both equity and bond markets received a gift, with the Bloomberg Barclays Aggregate Bond index surging over two percentage points.