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The US markets ended mostly in green on Wednesday despite Federal Reserve Chair Jerome Powell reiterated that the central bank is not in a hurry to begin lowering interest rates. Powell pointed to higher inflation data over January and February as a reason for the Fed to be cautious but acknowledged it is too soon to say whether the recent readings represent more than just a bump. Powell said ‘We do not expect that it will be appropriate to lower our policy rate until we have greater confidence that inflation is moving sustainably down toward 2 percent.’ He added ‘Given the strength of the economy and progress on inflation so far, we have time to let the incoming data guide our decisions on policy.’
Nonetheless, Powell said he continues to believe rates are likely at their peak for this tightening cycle and noted most Fed officials see it as likely to be appropriate to begin lowering rates at some point this year. The Fed chief described the outlook as quite uncertain and suggested there are risks to both cutting rates too soon or too late. On the economic data front, service sector growth in the U.S. unexpectedly slowed in the month of March, the Institute for Supply Management (ISM) revealed in a report released. The ISM said its services PMI dipped to 51.4 in March from 52.6 in February. While a reading above 50 still indicates growth in the sector, street had expected the index to inch up to 52.7. The unexpected decrease by the headline index partly reflected a slowdown in the pace of growth in new orders, with the new orders index falling to 54.4 in March from 56.1 in February.
Nasdaq gained 37.01 points or 0.23 percent to 16,277.46 and S&P 500 was up by 5.68 points or 0.11 percent to 5,211.49, while Dow Jones Industrial Average fell 43.1 points or 0.11 percent to 39,127.14.
MoneyWorks4Me rating and ranking of funds for SIP is available to subscribers only. Moneyworks4Me is not a rating and ranking agency, however it is required that users have a way of selecting funds and building a Portfolio. The method used by it are described below to enable users to understand the logic behind the rating and ranking Subscriber will find more details on this in the various content made available from time to time. In case you need more please write to besafe@moneyworks4Me.com
MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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