As you may know, our firm has deep roots in the golf community and we are very thankful for the professional relationship with the PGA tour and it's members. For years our firm has sponsored numerous golf events on the PGA tour along with select golf professionals.
Today we celebrate the 13th anniversary of our most beloved team member, Lily Santiago.
From stocks to bonds and commodities, every major asset class slid in the worst broad-based sell off in four decades. Rarely has advice not to fight the Fed borne out more severely. The last time the best-performing asset did worse in a month was December 1981.
The Federal Reserve on Wednesday approved its first interest rate increase in more than three years, an incremental salvo to address spiraling inflation without torpedoing economic growth. After keeping its benchmark interest rate anchored near zero since the beginning of the Covid pandemic, the policy making Federal Open Market Committee said it will raise rates by a quarter percentage point, or 25 basis points. That will bring the rate now into a range of 0.25%-0.5%. The move will correspond with a hike in the prime rate and immediately send financing costs higher for many forms of consumer borrowing and credit. Fed officials indicated the rate increases will come with slower economic growth this year.
