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The Federal Reserve announced that it would be raising interest rates by +25 bps last week, to a total of around 4.75% - 5.00% over the past year or so of tightening, but also implied the Fed may be nearing the end of its rate-hiking cycle sooner than expected, hinting at possibly one more +25 bps rate hike before shifting gears..
Major indexes were extremely volatile and ended with mixed results as markets digested an abundance of news and data. Large caps outperformed their mid and small cap counterparties, and Communication Services, Technology, and Utilities were the best performing S&P sectors for the week, as declining rates have been supportive of risk-on/ growth-oriented trades. Energy and Financials were the biggest laggards..