3/22/2019 Weekly Update

3/22/2019 Weekly Update

by David Rasmussen on Jun 7, 2019

Weekly Recap                                                                        

S&P 500                -0.70%

10 Year Treasury   +1.19%

Gold                      +0.81%

Volatility              +30.12%


Happy spring break where applicable.  If you are traveling, safe travels and enjoy the break from your locales!

Zach is in Las Angeles merrily catching some rays and enjoying a change in pace with his family. 

Meanwhile, the bipolar nature of this market continues...

Monday through Wednesday was really just a holding period until the Federal Reserve's Wednesday afternoon interest rate announcement and press conference.

Thursday was marked by exuberance as an increasingly dovish Fed signaled no more rate increases likely for 2019; they noted slowing global economic growth and downgraded the growth outlook for the US.  The market rallied comfortably above 1% as a sense that the "Fed has our back" seemed to set in to the equity market. 

Early Friday morning, Germany, the key bastion of economic prosperity in Europe, released disappointing economic data.  The German 10-year Bund yield subsequently entered negative territory.  A general malaise and risk-off mood set in as the market switched its tone and came to the realization that the Fed’s dovishness is no free lunch and likely warranted. The S&P fell to near the 2800 level and down over 1.5% for the day.

This left the S&P 500 down for the week while bonds, gold and volatility lurched higher.

Again happy spring break! We hope that you have a great weekend. 

Thanks for reading,

Zach and Dave

Calibrate Wealth




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