It is a well-known rule of thumb that equity markets are supposed to look forward 7-9 months, a classic example of watching where the puck is going, not where it is at the moment. Yet the first quarter of this year, which ended three weeks ago, remains endlessly fascinating. And with the first reading on first quarter US GDP growth due out on Thursday, followed immediately by the last major reading on March inflation, hindsight may be the only sight much in evidence this week. Global markets were tumultuous amidst escalating conflict in the Middle East, causing stocks to plummet while oil and safe-haven assets, such as Treasuries and the dollar, surged. Tech giants faced a rough week, with a sell-off in the sector weighing on stock markets. Wall Street braced for a flurry of earnings reports from the industry stalwarts that have been driving the market’s growth. The VIX, a measure of market volatility, surged to its highest levels since October, hovering just below 20 as global markets were rattled by concerns of reduced Federal Reserve easing, fueled by hawkish remarks from officials and strong U.S. economic data. On the wealth planning front, we discuss the IRS waiving Required Distributions for IRAs inherited after 2020.
Click Here to Read the April 22, 2024, Economic Commentary
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