Investors' mood has brightened now that the Fed held the line on interest rates for the first time since March 2022. The S&P 500 is 23% off the October low.
Welcome back, animal spirits. The mood on Wall Street has brightened a lot of late, helped this week by the Fed holding the line on interest rates on Wednesday for the first time since March 2022. There also were some decent economic numbers, such as signs of declining inflation in May reported on Tuesday and Wednesday, and a decent retail sales report that came out Thursday.
"Inflation is currently plummeting," said Jay Hatfield, chief executive officer at Infrastructure Capital Management in New York. "Inflation peaked in June of last year and has been rapidly declining over the past 12 months. We forecast that the June data for Consumer Price Index and Producer Price Index will come in at approximately 3% and 0%, respectively.
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