The economy is facing some nice crosswinds at the moment.
Corporate and consumer sentiment are not great, but the job market is holding up. Inflation has been trending down for 6 months and the Fed acknowledged as much but has kept a hawkish tone in saying wage inflation might be more persistent than goods inflation. The unemployment rate released Friday is quite low (3.4%), but wage growth continues to trend down (peaked at 5.9% in March, but is now 4.4% on a trailing 12-month basis, see Average Hourly Earnings of All Employees, Total Private (CES0500000003) | FRED | St. Louis Fed).
Now’s a good time for a poll. The Nasdaq 100 ETF QQQ hit a low of about 260 last year, about 15% below its current level of 306. Will this low be reached again in 2023, or was the 260 level from last year lower than what we’ll see in 2023?
- QQQ declines back to 260 or lower at some point in 2023
- QQQ stays above 260 in 2023
0 voters