The Dow Jones Industrial Average gained 5.39%, while the Standard & Poor’s 500 climbed 6.45%. The Nasdaq Composite index rose 7.49% for the week. The MSCI EAFE index, which tracks developed overseas stock markets, edged 0.78% higher.1,2,3
Fed Chair Jerome Powell told members of the Senate Finance Committee that the Fed is committed to lowering inflation and moving quickly to do so. He conceded that a recession could result from the Fed’s inflation-fighting efforts and acknowledged that some of the forces driving inflation (e.g., supply chain, war) are out of the Fed’s control.4
Perhaps the most exciting part of his testimony was what he didn’t say, which was a definitive statement on future hikes. Instead, Powell told lawmakers that he “anticipate[s] that ongoing rate increases will be appropriate.” Before his testimony, the Fed published a new research paper that found a greater than 50% chance of recession in the next four quarters.5
This Week: Key Economic Data
Monday: Durable Goods Orders.
Tuesday: Consumer Confidence.
Wednesday: Gross Domestic Product (Third Estimate for Q1).
Thursday: Jobless Claims.
Friday: Institute for Supply Management (ISM) Manufacturing Index.
Source: Econoday, June 24, 2022
This Week: Companies Reporting Earnings
Wednesday: General Mills, Inc. (GIS).
Thursday: Micron Technology, Inc. (MU), Constellation Brands, Inc. (STZ), Walgreens Boots Alliance, Inc. (WBA).
Source: Zacks, June 24, 2022
"You can't win every week."
– Caryl Churchill
Get Educated on Education Credits
Two education credits are available to American taxpayers: the American Opportunity Tax Credit (AOTC) and the Lifetime Learning Credit (LLC). The IRS has lots of information about these two credits on their site, but here are some helpful highlights:
* This information is not intended to be a substitute for specific, individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov6
Healthy Roadtrip Snacks
Summer is the season for road trips! Whether taking a short drive from your house or heading off on a cross-country adventure, many families are packing up the car for some time away.
One of the best parts about road trip are the snacks, but they aren’t always the healthiest. Luckily, there are many easy snacks you can prepare for your trip. Skip the chips at the gas station and snack on these healthy road trip snacks instead:
Tip adapted from Healthline7
In a drawer are six pairs of red socks, four pairs of white socks and five pairs of blue socks. In total darkness, how many socks would you have to grab to be certain you had a matching pair?
Last week’s riddle: It has 18 legs, is uniformed, walks and runs on grass and artificial turf, and catches flies. What is it? Riddle answer: A baseball team.
Four Peaks, Gila County, Arizona
Footnotes and Sources
2. The Wall Street Journal, June 24, 2022
3. The Wall Street Journal, June 24, 2022
4. The Wall Street Journal, June 22, 2022
5. The Wall Street Journal, June 22, 2022
6. IRS.gov, March 20, 2020
7. healthline.com, February 26, 2022
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