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Last week's focus was on economic weakness, evident in two key areas: the revised first-quarter gross domestic product (GDP) figures and several bond auctions. Additionally, elevated inflation has persisted for over three years, with the last reading below 3% occurring in April 2021 (2.6%). While 3% may not seem significant, we experienced an annual inflation rate between 7% and 9.1% from December 2021 through November 2022, peaking at 9.1% in June 2022.

Markets started the week quietly before turmoil hit midweek due to strong jobs and manufacturing data, coupled with Fed minutes hinting at prolonged high rates, causing the Dow's worst day this year. Despite a modest recovery on Friday, uncertainty looms with upcoming PCE data potentially adding volatility and the 10-year Treasury yield stuck at 4.5%.

This week's market commentary highlights the contrasting forces at play. While stock markets hit new highs on hopes of inflation subsiding and potential rate cuts, inflation data remains stubbornly high. The Federal Reserve's response to inflation will be key in determining the market's future trajectory.

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Federal Reserve Chairman Jerome Powell doubled down on talk of additional, consecutive interest rate increases in the coming months — forecasting a potential half-percentage-point increase through the end of 2023 as the Fed had implied at its June meeting.

The Federal Reserve raised interest rates by 25 basis points, signaling a pause in June. Markets reacted negatively, as the debt ceiling debate and bank struggles weighed on sentiment.

Employed homeowners may well come out ahead post-pandemic. With higher savings and investment rates, many may now consider themselves both house-rich and cash-rich.