U.S. equities recently completed a majestic 10-year run, with the S&P 500 outperforming cash by 11.9% per year between July 1, 2013 and June 30, 2023. To be sure, the ride was not always smooth. The market realized sizable drawdowns in 2015, 2018, 2020, and, most recently, in 2022 when elevated inflation and aggressive monetary
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The Federal Reserve has no plans to extend an emergency loan program it launched last year to bolster the capacity of the banking system in the wake of the collapse of Silicon Valley Bank. The Bank Term Funding Program will expire on March 11 as it reaches its original one-year time limit, Fed Vice Chair
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