The market had another down week. While last week was firmly led by defensives, this week showed a bit more of a mix. Technology and Communication Services were the main losers. Energy, Materials, and Staples led by Consumer Discretionary and Industrials were also slightly in the green as well. Elon Musk’s Twitter saga continued, and the world’s richest man made an offer to buy Twitter for about $43 billion, or $54.20 per share. Mr. Musk of course also used the opportunity to criticize the SEC and even called some at the agency “bastards.” Musk has spoken about his vision as making Twitter a more inclusive arena for free speech: a digital town square.

More hot inflation data came in and markets certainly didn’t act as you might expect. If you thought that the highest inflation numbers in four decades would result in Fed Futures pricing in more hikes, you would be wrong. Even though these incredibly high readings came in, the expectation for Fed Futures hikes for 2022 declined from an expectation of 9 to an expectation of 8. However, there were still some worrying elements in the report. Food, energy, and shelter costs all were a bigger portion of the gains than in previous months. Given the prominence of these items in the average consumer wallet, some fear that inf...

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