The bad news is that stock markets slipped again last week. The good news is that things could have been much worse, with a fairly modest move down despite the US Federal Reserve raising rates by 0.75%, its biggest hike in 30 years. The Fed is following through on tough talk over the past few weeks, and Chairman Powell made it clear, repeatedly, that the Fed won’t stop hiking until it sees a clear run of lower monthly inflation data. The 0.75% move had been widely leaked in what appeared to be a choreographed media strategy. Nevertheless, it did the job, and the US government bond market actually had a good week, hinting that perhaps the US central bank has regained some of its lost credibility.

Stocks featured:

Apple, Halfords Group, Kroger, Starbucks Corporation and Tesla

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