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Monthly financial markets outlook | May 2023

Markets bounced around in April as investors faced a challenging environment marked by uncertainty and conflicting signals from economic data. While some US companies posted better-than-expected earnings for the first quarter, overall earnings saw the most significant decline since 2020. Headline inflation declined across most developed countries which coupled with soft GDP data, and further stress in the US banking sector suggested that the Fed may soon pivot its monetary policy stance. However, there were some counteracting factors, including stubborn core and services inflation figures and tightness in the labour market which could encourage the Fed to maintain its hawkish stance.

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