Making sense of the markets this week: May 7, 2023 May 5th

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Making sense of the markets this week: May 7, 2023

– moneysense.ca

Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.

A big thanks to Diamond Hands Dale Roberts for so ably stepping in to cover the big market news over the last couple of weeks!

Powell sticks to forecasted script as Fed hikes interest rates

On Wednesday, U.S. Federal Reserve chair Jerome Powell announced that key interest rates would go up from 5% to 5.25%. This rate hike was widely forecasted, and it appeared to have only a minor effect on the broader markets; the Dow Jones Industrial Average (DJIA) declined 0.8% on the day, but the larger Russell 2000 index (reflecting small-cap stocks) actually finished up 0.41%.

In addition to the hike, notable comments from Powell’s announcement include:

“Inflation remains well above our longer run goal of 2%. Inflation has moderated somewhat since the middle of last year, nonetheless inflation pressures continue to run high and the process of getting inflation back down to 2% has a long way to go…

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