Economic data included services PMI falling a bit, but remaining solidly in expansion. Consumer sentiment remained weak, particularly due to sensitivity to high inflation.
Equities were mixed, with U.S. stocks higher while international stocks fell back. Bonds saw a better week as Treasury yields stabilized across the yield curve. Commodities were higher in energy and metals.
Economic data included both Q1 and Q2 U.S. GDP growth data being revised upward. Personal income and spending rose, at a pace faster than inflation. Manufacturing survey data pulled back a bit, but remained solidly expansionary, as was construction spending. Home price appreciation continued to flatten, while the employment situation report showed weaker job growth than expected.
Stocks were mixed around the world, with little new geopolitical news, but continued rising interest rates weighing on sentiment. Bonds were down, along with those same yield changes. Commodities fell back, with little Middle East news, and some relief in various supply concerns.
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