Stock prices continued upward as more investors joined the rally which has been underway now for several months, encouraged by the Fed NOT raising rates for once. Gains off the recent index lows are sufficient to qualify this as a “bull market”.
With signs that inflation is starting to decline, but economic growth and employment rates also showing signs of decline, investors were relieved the Fed finally paused on rate increases after 14 months of them, the largest rise in over four decades.
While many analysts are forecasting a “soft landing” to historical inflation rates without huge economic damage, other analysts are still alerting to many impending economic troubles, so it remains to be seen if this supposed bull market has any staying power or is about to run out of steam.
In the meantime, our long positions again improved gains or at least reduced losses, and our remaining shorts were generally neutral.
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