06/13/23 Market Snapshot: A Quiet Week, Will the Fed Pause Rate Hikes?

It was a quiet week in the market ahead of the Federal Reserve Open Market
Committee (FOMC) meeting on June 14th. Most economists are expecting the Fed to pause their rate hikes at this meeting, but questions remain about future moves later this year. Economic data from the past week seems to support a Fed pause as weekly jobless claims reached 261,000 - their highest level since October 2021. Other signs of a slowing economy included a decline in the ISM non-manufacturing index as well as a three year low on ISM Service sector pricing.