Market Commentary

With the Fed holding the line on interest rates, is now the time to buy stocks? While this is one factor in favor of an advance in equity prices, there are mitigating factors. For instance, the pause in rate increases may mean the economy is slowing, which may lead to a decline in corporate profits, bad news for stocks. Also, with energy prices still on the rise, those inflationary pressures will put pressure on the Fed to keep a tight rein on interest rates, perhaps even raising rates later this year if inflation is heating up. 
Fortress remains cautious, holding a modest amount of equities for a typical client. There is likely to be a better buying opportunity later this year, and we will be on the watch to step in at that time.