Morning Market Brief: June 30, 2023
CIBC Private Wealth / Gestion privée CIBC
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U.S. first quarter growth revised higher?
A final reading of U.S. economic growth revealed the economy expanded faster than earlier estimates had shown. All signs point to the U.S. economy avoiding a recession, but uncertainty persists ahead, given a softening global economy, tight financial conditions and the likelihood of more interest rate increases. ?
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A robust U.S. economy bodes well for Canada’s economy since they are so highly connected. Conversely, economic conditions are softening elsewhere, which could hinder Canada’s economy and create some volatility in financial markets. In either case, you should position your portfolio for long-term success, regardless of shorter-term economic uncertainty.
At?CIBC Private Wealth, we aim to take a comprehensive approach to managing, building and protecting your wealth. If you'd like to discuss this market and economic update in more detail, please get in touch with your advisor any time.