In this weeks episode Mike and Rory talk about the S&P500 and the recent events causing this slight pullback and where they think markets are headed. Most recently, the S&P500 made highs of 4445 with a pull back to current levels of 4300.

This pull back was due to a deteriorating macroeconomic outlook as well as the Fed median projected dot plot for interest rates in 2023 to end at 5.6%. This would mean another 2 hikes is possible before the year end and Fed chair, Jerome Powell reiterated the same message that inflation is still an issue for the US.

Mike and Rory also mention how the S&P500 rally during 2023 has been greatly assisted by a handful of companies such as AI stocks like NVIDIA and mega cap tech names such META who have both more than doubled in price this year.

Rory also mentions how low interest savings accounts have been discouraging savers and instead encouraging spending and discretionary buying. Could this spending and lack of saving be correlated with the recent large returns seen in markets?

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