Market Week: April 24, 2023
On the back of rising mortgage rates, construction activity cratered in 2H 2022, with housing starts falling by 40% and 14% annualized in 3Q22 and 4Q22, respectively…
On the back of rising mortgage rates, construction activity cratered in 2H 2022, with housing starts falling by 40% and 14% annualized in 3Q22 and 4Q22, respectively…
The 1Q 2023 earnings season is underway, with the large U.S. banks releasing results last Friday. Current analyst estimates are tracking operating earnings per share (EPS) of $49.54 ($39.73 ex-financials), representing y/y growth of 0.4% and a q/q decline of 1.6%.
The U.S. Federal Reserve raised rates aggressively to fight inflation, battering both equity and fixed income investments. By year-end, those efforts helped to bring inflation from a peak of 9.1% in mid-2022 to 6.0% in February 2023, as measured by the Consumer Price Index (CPI).