With a light week the previous week, only a few data reports will have any far reaching impact, with the M2 money supply and the Federal Reserve Balance sheet giving the most insight.

Expectations that the Federal Reserve would raise rates to combat significant inflation have come to pass, with a modest 0.25% increase in the rate. The Federal Reserve has stated that it remains committed to restoring inflation to its 2.0% target, which will likely include further rate increases in the future. The rest of the week featured a light economic calendar with very few impactful releases, leaving the Federal Reserve’s rate decision as the primary driver of market activity.

While CPI data has come in within expectations for current inflation, inflation remains much higher than in previous years. The rate is holding steady at 2.4%, which is above the Federal Reserve’s 2.0% target.

The Non-farm Payroll figures are a strong indicator of the job market and showed a notable increase this quarter. However, this doesn’t necessarily indicate a significant shift in the job market as a whole, as certain sectors have experienced outsized impacts compared to others. JOLTs job openings data does support the increase in openings seen over the last quarter, though it is not among the largest indicators on the broader economic scale.