March Madness • Inflation Eases • Fed Ahead

March 17, 2023 | Hoya Capital

March Madness • Inflation Eases • Fed Ahead Real Estate Daily Recap Daily Recap Mar 17 Written By U.S. equity markets slid Friday while interest rates plunged as traders piled into safe-haven assets ahead of the weekend after a mega-sized rescue package for First Republic failed to settle turmoil. On brand with the "March Madness" theme this week, the seesaw action continued with the S&P 500 dipping 1.1% today - but still managed to notch a 1% weekly gain.

The tech-heavy Nasdaq 100 declined 0.5% today but finished the week higher by nearly 6%, a remarkable divergence from the 3% weekly declines posted by the Mid-Cap 400 and Small-Cap 600. Real estate equities slumped despite the retreat in benchmark interest rates, with the Equity REIT Index slipping 2.3% today with 17-of-18 property sectors in negative territory, while the Mortgage REIT Index dipped 3.3%. The theme of cooler-than-expected inflation data continued today in the final reading before the FOMC's rate decision next Wednesday.

Short-term consumer inflation expectations fell in early March to the lowest level in nearly two years while long-run inflation expectations also eased. Income Builder Daily Recap U.S. equity markets slid Friday while interest rates plunged as traders piled into safe-haven assets ahead of the weekend after a mega-sized rescue package for First Republic Bank failed to settle recent turmoil. On brand with the "March Madness" theme this week, the seesaw action continued with the S&P 500 dipping 1.1% today - but still managed to notch a 1% weekly gain.