Beyond the Fed: Where to focus now
Equity markets trended higher as last week came to a close.
The S&P 500 was up +1.5%, the NASDAQ 100 gained 2.5%, and U.S. small caps (Solactive 2000) rose +0.2% for the week. In Europe, the Stoxx 50 outperformed the United States, up +3.3%, its best weekly finish in a month.
In commodities, gold rose +2.6%, reaching all-time highs and headed for its best weekly streak of gains in five years.
In macro news, producer and consumer prices increased more than markets expected last week. That drove a temporary spike in yields, but they ended the week slightly lower. The 2-year (4.27%) was down 3 basis points, and the 10-year (4.48%) was lower by 1 basis point.
The most important implication from the firmer-than-expected price…
