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Stocks Wrap Up Worst Quarter Since 2020, Unemployment Rate Goes Down to 3.6%

The market had a sideways week as multiple sources of uncertainty continue to weigh on investors. Despite reasons for uncertainty, bullish sentiment rose dramatically this week. A bumper jobs report was released on Friday which saw the US unemployment rate fall to levels not seen since before the pandemic. President Biden also ordered the largest release in the history of the Strategic Petroleum Reserve. The White House has ordered a release of about 180 million barrels of oil which will bring the emergency reserve to its lowest level since 1984. When politicians start taking cosmetic actions to appease consumers on inflation, it is a good time to pay attention. For most of the last decades, inflation has been abnormally low. However, prior to globalization, it was a much bigger political issue that can be a bane to incumbents. It appears President Biden is trying to get ahead of what will likely be a big issue in upcoming elections. Our Head of Research, Tom Lee, has done some recent work on how these releases often end up being

counterproductive. On the bright side, the White House is also trying to get domestic producers to up production, which should be more effective than even the largest release in history.

Despite some hopes for peace talks this week, the war in Ukr...

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