A U.S. recession may prevent a steep market downturn in the second half of 2023, according to Michael Yoshikami, founder and CEO of Destination Wealth Management.
U.S. consumer price inflation eased to 4.9% year-on-year in April, its lowest annual pace since April 2021. Markets took the new data from the Labor Department earlier this month as a sign that the Federal Reserve's efforts to curb inflation are finally bearing fruit.
The headline consumer price index has cooled significantly since its peak above 9% in June 2022, but remains well above the Fed's 2% target.
Core CPI, which excludes volatile food and energy prices, rose by 5.5% annually in April, amid a resilient economy and persistently tight labor market.Read more on cnbc.com