This just in: CEO Chris Shuba in Financial Planning

Market volatility continued with the S&P 500 briefly falling into correction territory on an intraday basis on Monday before the market rallied in the afternoon. Investors were hit with a more hawkish Fed though Apple and Visa posted strong earnings.

As expected, the Fed kept rates steady, though Powell signaled willingness for back to back rate increases later this year during his press conference. The Fed futures market reacted by shifting expectations for up to five rate hikes this year.

Fourth quarter GDP came in above expectations, with the US economy growing at a 6.9% annualized rate, above the expected 5.5 %. Underneath the hood, well over half of the growth came from inventory investment. We have talked about low inventories being a place for growth but the combination of a weaker than expected holiday season and omicron impacts changing consumer behavior also contributed to the inventory build up. Still, the inventory rebuild could be an area of continued growth, and perhaps even a welcome sign amid supply chain headaches. Despite inflation fears and omicron impacts, personal consumption still grew at a 4.9% rate.

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