Last week brought us the FOMC minutes. No surprises there. As expected, it showed that the Fed is likely to continue to raise rates at upcoming meetings to combat elevated inflation. This Friday, the latest employment report will be released; consensus expects strong growth in May. That said, we’ve detected an important change in the technology sector in the last month. The significant stock-price declines experienced by tech companies so far this year are now starting to impact financing and hiring. In fact, we’ve observed an uptick in the number of tech companies that are announcing layoffs. In conclusion, the overall US economy remains strong—which will likely keep the Fed on their rate hike schedule—but we are starting to notice emerging signs of a slowdown, especially in the tech sector.
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