Macro Briefing For Monday, May 1

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Here is a brief overview of some of the macroeconomic factors that may have played a part in the market on Monday, May 1.

• JPMorgan acquired failed First Republic Bank.
• A Fed report finds fault with its oversight in collapse of Silicon Valley Bank.
• Manufacturing in China unexpectedly contracted in April.
• South Korea’s exports fell for the seventh straight month in April.
• A hefty churn in jobs is expected in next the five years, economic report predicts.
• Charlie Munger sees trouble ahead for US commercial property market.
• US consumer spending was flat in March, reflecting a slowing economy.
• The Fed’s preferred inflation metric slowed in April, but just barely.

The building boom may be a factor that pushes the Federal Reserve to continue raising interest rates. “The persistent strength in a sector that is usually among the first to suffer job loss when borrowing costs rise is undermining investor hopes that the Fed’s aggressive interest-rate increases would quickly slow inflation and rejuvenate the stock market,” The Wall Street Journal reported.

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