Quarterly Economic Report, Q1 2023
The Federal Reserve continues to tighten monetary policy.
In 2022, the fed funds rate was increased by 425 bps in response to high inflation data.
The labor market has sustained economic growth and has remained solid.
The unemployment rate is at a 50-year low, although the pace of job growth may be moderating.
Volatility was a consistent theme for the markets in 2022.
Persistent inflation, rising interest rates and geopolitical turmoil all weighed on investor sentiment.