The 2026 Met Gala was Monday. The ISM was Tuesday. One had better outfits. Both had elevated prices.
CIO, Multi-Asset Strategies and Solutions
U.S. stocks had a strong week, led by technology. Underneath that, the economic data told a more complicated story: jobs are being added, layoffs aren't spiking, but the economy isn't accelerating, either. Costs are still rising faster than the Federal Reserve can ignore. Investors waiting for lower interest rates should know that nothing in this week's data moves that timeline closer. Kevin Warsh assumes the Fed chair role on May 15.