Weekly Market Recap – July 24, 2023

Chart of the Week 07-24-2023

In recent weeks, markets absorbed a lot of news pertaining to both sides of the Fed’s mandate, full employment and
inflation. In June, payroll job growth declined, the unemployment rate ticked down from 3.7% to 3.6% and wage
growth remained at 4.4% y/y, neither adding to, nor diminishing, fears of wage inflation.

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