May 2023 Commentary: Bulls, Bears and Bots


  • The Federal Reserve hiked interest rates by another 25 basis points at the May 3 FOMC meeting, yet minutes show that Fed officials are more inclined to pause at the next meeting.
  • In late May, an agreement was made to suspend the debt ceiling until January 1, 2025. As part of the agreement, student loan payments will resume within the coming months, barring a Supreme Court ruling in favor of Biden’s forgiveness plan.
  • On par with the debt ceiling debate was the ongoing buzz surrounding AI applications, which has gained increasing attention since the release of ChatGPT in November of last year, even though it is not a novel technology.
  • U.S. consumer spending remains resilient, but increasingly reliant on a rapidly dwindling supply of COVID-era savings accumulations, as well as rising levels of consumer debt.

Read and download the commentary here.

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