The pull-back of last week worsened and the S&P narrowly avoided a fifth consecutive loss in a row - which would have been the longest losing streak since February 2020. Although there was some panic selling, we believe the fundamentals underpinning the market remain sound.
During this months FOMC the Fed stated that it sees stronger economy & higher inflation, but no rate hikes. There are signs the market is more comfortable with the 10-year yield, howwever, we are not out of the woods yet.
Some are concerned that the market is in the first stage of a crash. While further downside is not off the table, we feel that it's more likely the result of profit-taking combined uncertain retail traders adding to volatility.