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Weekly Commentary Summary

Any business looking for calm seemingly can’t catch a break. The Federal Reserve feels that pain, too. Just as inflation was on the verge of becoming a lesser concern, albeit at the expense of increased worries about economic growth, a war in the Middle East raises the specter of gas and oil price spikes working their way through various products and services. Geopolitics took center stage last week as Israel and Iran continued to launch missiles at each other, culminating with the U.S. joining the war with strategic strikes on Iran’s nuclear facilities over the weekend.  Markets had initially taken the Israel-Iran hostilities in stride, rallying early in the week. However, as the possibility of U.S. intervention increased, the tone became more cautious. On the wealth planning front, the Senate has officially released its draft of the sweeping tax and budget bill, setting the stage for negotiations with the House.

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