Inflation Cools and Stocks Rebound After Turbulent Year
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Inflation eased significantly, falling from 6.5% to 3.1%, allowing the Fed to pause rate hikes after 10 straight increases.
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Stocks rebounded strongly, with the S&P 500 rallying 23% and hitting new highs after entering a bear market in 2022.
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The US averted defaulting on its debt after Congress suspended the debt ceiling through 2025 following tense negotiations.
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Several major bank failures occurred, including Silicon Valley Bank and Signature Bank, spurring a regional banking crisis.
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The housing market became more affordable as mortgage rates plunged from over 7% to 6.67%, marking 8 straight weeks of declines.