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All major equity sectors were higher last week as stocks rallied on Friday.

Overall, equities did not react well to the inflation numbers that were released last week.

Equities barely held on to gains made early in the week last week. Fed speakers last week doused water on hopes the Fed would pivot soon.

Equities tried to rebound last week, but failed to hold on through Friday’s decline.

Both equities and fixed income assets dropped last week in response to a hawkish Fed rate announcement.

Just like when the bald child in "The Matrix" pointed out there is no spoon, there is no Fed pivot on the horizon. Equities snapped a 4-week win streak last week as the reality begins to set in that the Fed isn’t finished raising rates.