May Overview With inflation still high but moderating, tighter credit standards crystallizing amongst lending institutions, and the Fed having already raised rates 500 bps in their most recent campaign, the case for a pause in rates gained ground. Nevertheless, the resilience of economic data, particularly on the employment front - despite policy actions taken to date - is testing this position. Fed commentary is mixed with some FOMC members still pushing for more hikes while others are content to hold at current levels, leaving markets to divine the Fed’s path forward.
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