Weekly Market Recap – May 8, 2023

Last week, the Federal Reserve delivered what many expect to be the last rate hike of this cycle, bringing the federal
funds rate to a range of 5.00-5.25%. With the Fed now potentially on pause, at least for a while, investors are shifting
their focus away from the risk of further Fed tightening and towards the risk of recession, as the fallout from the
regional banking crisis casts a shadow on the economic outlook.

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