After a rough start to the year, markets have charged back and the S&P is now up 4.1% ytd, following Nasdaq’s 5.8% rise. A theme for this year was the intensity of inflation, and when/ how quickly it might turn lower. And yesterday’s sequential decline has given hope to those expecting FOMC rate cuts later in 2023. As a follow up to that CPI data, University of Michigan today was better than expected (64.6 versus estimates of 60.5), with the 1-year inflation component falling to 4% from 4.4% in December.
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