Worst Week Since September 2022

U.S. equities ended a volatile week with sharp losses amid two major California bank failures and a hotter-than-expected February jobs report. Separately, the unemployment rate climbed, and the pace of wage growth slowed last month, together signaling progress in the Fed’s battle against inflation. The recent events may cause the Fed to pause their interest rate hikes sooner than previously expected, and perhaps even pivot and lower rates later in the year.