Friends
I hope this email finds you well. If you have power and Wi-Fi, you will be able to read this email. Just know that while we have all been dealing with the aftermaths of Beryl, the markets have been relatively quiet. Today Fed Chair Powel did hint that the Fed does not want to hold interest rates at these levels for too long given the softening in the employment picture. But the Fed Chair also made it clear that 2% is their target on inflation. So, consistent with recent messaging the Fed realizes that there are risks on both sides of the equation. If they lower rates too quickly, inflation may be restoked. If they wait too long to lower interest rates, then the economy could suffer.
As mentioned, stocks have been relatively quiet to start the week. As for today, by the close the Dow Jones Industrial Average was down 52 points to finish the day at 39,291. The S&P 500 was up 4 points to close at 5,576. The Nasdaq Composite Index was up 25 points to close at 18,429. Gold was up $7 to trade at $2,370 per ounce, while oil was down $.82 to trade at $81.51 per barrel WTI.
As we are all dealing with power outages, home damage and spotty Wi-Fi we will do our best to keep you informed as the week progresses. Power is out at our building, so we won’t be in the office until it is restored. In the meantime, stay safe and look after yourself and your loved ones.
Have a nice evening everyone.
