July 2022 Economic and Market Highlights

The CPC team

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  • Equities and bonds had a triumphant rebound in July, shrugging off a larger than expected inflation rate, along with another negative GDP report, all in the tick of earnings season.
  • The Consumer Price Index, which is the most common measure of inflation, rose 1.3% in June, and 9.1% over the last 12 months. The increase was broad-based, with the indices for gasoline, shelter, and food being the largest contributors.
  • The Federal Reserve announced another 75-basis point (0.75%) interest rate hike, which was aligned with expectations.
  • GDP had a second consecutive contraction in the second quarter, hitting one common definition of a recession. Markets reacted positively to the news, taking it as a sign that the Fed could slow or stop its rate hikes sooner than expected.
  • The market took a sigh of relief as many companies, particularly the tech giants, reported better than feared earnings. Almost 80% of the S&P 500 reported positive earnings results.
Source: Morningstar - All performance is percentage change of total return

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