Issuer & Investor Update
The Fed's target interest rate level remains unchanged at 5.25% - 5.50% after the most recent FOMC meeting this week. Concerning the future path of interest rates and recent inflation data in the US, Powell stated [these] "haven't really changed the overall story, which is that of inflation moving down gradually on a sometimes bumpy road toward 2%." Expectations of the first rate cut this year now center around the June 2024 meeting. Stocks rallied this week around optimism that the fed will be successful in orchestrating a soft landing for the US economy, pushing the S&P 500 towards its 20th record level this year.