2023 Q1 Quarterly Economic Update
The first quarter of 2023 had investors sitting on the edge of their seats as the equity markets took them for a bumpy ride. In the end, the quarter did close on a good note, with U.S. stocks having a late quarter comeback following some positive news that the Federal Reserve’s preferred inflation gauge took a dip in February after an uptick in January. The core personal consumption expenditures price index (PCE) (excluding food and energy) increased 4.6% in February from a year earlier, slowing from a 4.7% 12-month annual pace in January. It was up 0.3% from January, compared with a 0.4% increase that was originally expected by economists. This was a welcome sign that the Fed is gaining traction in its long battle against inflation.
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