The slightly daft oscillations in market mood continue. As quickly as the view that there would be NO Fed rate cuts this year gained steam, it was replaced by renewed speculation on cuts in July or September. The baton handoff from the Fed to fundamentals is beginning to take hold. S&P 500 1Q EPS rose by 6% year/year compared with expectations of 3% growth at the start of earnings season. The S&P 500 returned 1.6% for the week and climbed to a new all-time high. On the wealth planning front, we discuss how to tap into your home equity.
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