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Closing in on halfway through 2023, there are three words that can be used to describe the US economy – too much momentum.

Last week was a light week for earnings and economic data, but a heavy week for policy news.

Q1 2023 had the highest percent of companies beating earnings since Q3 2021, signaling analysts had become too pessimistic.

Last week the Fed raised rates 25 bps in what many expect will be the final rate hike of the cycle.

Economic reports and corporate data last week highlighted the cautious stance of corporations, contrasted against a resilient consumer.

It's been six weeks since the collapse of Silicon Valley Bank. Since then, the markets have gone from panicking to coming around to the Fed’s view.

Jitters about a systemic banking crisis have begun to ease as recent data has shown less reliance on emergency lending facilities set up in the wake of March’s banking turmoil.

The closing of the week, also marked the closing of the month and the quarter. It was a quarter marked by transition.

Last week monitored the fallout of the banking system crisis and the Fed followed through with an anticipated 25 basis point hike.