Modest gains in major market indices masked sharp volatility amid the uncertainty arising from mixed messages emanating from public officials and revived banking fears.
The Dow Jones Industrial Average gained 1.18%, while the Standard & Poor’s 500 added 1.39%. The Nasdaq Composite index rose 1.66% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, advanced by 3.29%.1,2,3
A Turbulent Week for Stocks
The stock market was unable to find sustained direction as investors weighed comments from Fed Chair Jerome Powell and Treasury Secretary Janet Yellen. Stocks initially rose as banking fears eased following a deal to acquire a troubled Swiss bank. Optimism was further fueled by Yellen, who said the government could intervene to protect depositors if more bank issues materialized.
Enthusiasm faded, however, when Yellen subsequently testified that the Treasury was not working on any blanket insurance for bank deposits and by the Fed’s warning that banking turmoil could shrink lending access — the volatile week ended with sharp intraday price swings, shrugging off revived European banking concerns.
Rate Hike Cycle Ending?
Last week, the Federal Open Market Committee (FOMC) meeting was particularly noteworthy. Fed officials were placed in the difficult position of balancing the banking system's opposing risks of still-high inflation and stressors. The Committee had considered leaving rates unchanged given banking stressors but unanimously voted to raise rates by 0.25%, citing elevated inflation, resilient economic activity, and a strong labor market.4
The official announcement hinted that the Fed might soon be done with raising rates while also stating it was too early to ascertain the degree to which the economy could slow from the current banking strains.5
This Week: Key Economic Data
Tuesday: Consumer Confidence.
Thursday: Jobless Claims. Gross Domestic Product (GDP).
Friday: Personal Income and Outlays. Consumer Sentiment.
Source: Econoday, March 24, 2023
The Econoday economic calendar lists upcoming U.S. economic data releases (including key economic indicators), Federal Reserve policy meetings, and speaking engagements of Federal Reserve officials. The content is developed from sources believed to be providing accurate information. The forecasts or forward-looking statements are based on assumptions and may not materialize. The forecasts also are subject to revision.
This Week: Companies Reporting Earnings
Tuesday: Micron Technology, Inc. (MU), Walgreens Boots Alliance, Inc. (WBA).
Source: Zacks, March 24, 2023
Companies mentioned are for informational purposes only. It should not be considered a solicitation for the purchase or sale of the securities. Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost. Companies may reschedule when they report earnings without notice.
It’s The Fed vs. Your Wallet In This New Market Reality
We live in a different world than we did just 24 hours ago. Are you stuck trying to analyze if it’s better or worse? Between Janet Yellen and Fed Chair Powell, I’m not sure if they could be more confusing and disorganized, which I find to be very disturbing. But unfortunately, that is what we are stuck with. Fed Chair Powell raised rates yesterday with...[READ MORE]6
This communication is issued by Howard Capital Management, Inc. It is for informational purposes and is not an official confirmation of terms. It is not guaranteed as to accuracy, nor is it a complete statement of the financial products or markets referred to. Opinions expressed are subject to change without notice.
Who Can File Your Taxes?
Many people file their taxes, but others choose to have a third party represent them. The IRS shares information about the different types of third-party authorizations that allow someone to represent you on its site.
- Power of Attorney - allows someone to represent a taxpayer in tax matters.
- Tax Information Authorization - appoints anyone to review or receive a taxpayer's confidential tax information for the type of tax for a specified period.
- Third Party Designee - designates a person on the taxpayer's tax form to discuss that specific tax return and year with the IRS.
- Oral Disclosure - authorizes the IRS to disclose the taxpayer's tax info to a person the taxpayer brings into a phone call or meeting with the IRS about a specific tax issue.
*This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional.7
Two Delicious Juicing Recipes
Juicing is a fantastic way to add extra fruits and veggies to your diet. Some people might be hesitant to start juicing because they don’t have a juicer at home, but you can also make some delicious juice recipes in a blender. The two recipes featured here come from A Couple Cooks. You can make them with a blender.
- Blend all the ingredients on high until pureed and smooth.
- Add 1 cup of ice and blend again.
Add water and blend again before straining if your juice is too thick.
Following the same instructions as the green juice, try these ingredients to make a delicious carrot juice:
You can add ginger, turmeric, or even garlic to give your juice more flavor and kick.8
Avocado Breakfast Burrito
Time: 30 mins
- 4-6 slices thick cut bacon chopped
- 1 tablespoons olive oil
- 1/2 sweet onion chopped
- 1 red bell pepper chopped
- 1 poblano pepper chopped or sliced
- 1/2 cup yellow corn
- 1 clove garlic, minced or grated
- kosher salt + pepper
- 8 eggs
- 1 1/2 cups shredded sharp cheddar cheese
- 1/4 cup fresh basil + cilantro chopped
- 1 cup leftover French fries or roasted potatoes
- 1 avocado sliced
- 4 Old El Paso Burrito Tortillas warmed
- Heat a large skillet or wok over medium heat. Add the bacon and cook until crisp. Drain the bacon onto a paper towel lined plate. Pour off all but 1 tablespoon of bacon grease from the skillet. Add the remaining tablespoon of grease back to the skillet, along with a small drizzle of olive oil, set the skillet back on the stove over medium heat. Add the onions, red pepper, poblano pepper and corn. Cook 5 minutes or until softened. Add the garlic and cook 30 seconds longer. Season with salt + pepper and remove from the skillet to a plate.
- Return the skillet to medium heat and again add a drizzle of oil. Whisk together the eggs and cheese in a bowl. Pour the eggs into the skillet, scrambling until cooked through, about 3-5 minutes. Season with salt + pepper and remove from the heat. Stir in the basil + cilantro.
- Place one tortilla at a time in the microwave for 30 seconds. Working quickly, layer the scrambled eggs, veggies, bacon, french fries and avocado towards one end of the tortilla. Fold the tortilla over the ingredients. Roll up the tortilla (try and roll them tight). Repeat with remaining tortillas and ingredients. Roll the finished burritos in tin foil to keep them packed tight. To reheat, place the burritos in the oven for 10 minutes or until warmed through. Serve as desired with sour cream, salsa and hot sauce.
NOTES: To freeze these, wrap tightly in foil and store in freezer bags. To thaw, remove the foil and thaw them in the microwave on power level high for 60-90 seconds. Each microwave differs though. Try using your favorite mix of veggies. Spinach and zucchini would be great!
Footnotes and Sources
1. The Wall Street Journal, March 24, 2023
2. The Wall Street Journal, March 24, 2023
3. The Wall Street Journal, March 24, 2023
4. The Wall Street Journal, March 22, 2023
5. The Wall Street Journal, March 22, 2023
6. howardcm.com, March 23, 2023
7. IRS.gov, 2023
8. ACoupleCooks.com, 2023
Investing involves risks, and investment decisions should be based on your own goals, time horizon, and tolerance for risk. The return and principal value of investments will fluctuate as market conditions change. When sold, investments may be worth more or less than their original cost.
The forecasts or forward-looking statements are based on assumptions, may not materialize, and are subject to revision without notice.
This content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG is not affiliated with the named representative, financial professional, Registered Investment Advisor, Broker-Dealer, nor state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and they should not be considered a solicitation for the purchase or sale of any security.
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