Top-of-mind news as we start the week:
— The Federal Reserve raised its key lending rate by 75 basis points, biggest increase since Nov. 1994, and is likely to continue raising interest rates to combat inflation.
— The S&P 500 fell into a bear market, down more than 20% from its 52-week high, which last happened in March 2020; ongoing interest rate increases by the Fed increased fears of recession.
— US retail sales not-adjusted for inflation fell unexpectedly by 0.3% in May from April, mostly due to less spending on car purchases.
— US homebuilder confidence fell for the 6th month in row in June to a two-year low, the lowest reading since June 2020 amid higher inflation and rising mortgage rates.
— US CEO confidence about business conditions in the next 12 months from now fell again in June and is at the lowest level since 2013.