Global financial markets remained under pressure last week with U.S. equities broadly posting their sharpest weekly losses since the onset of the pandemic in March 2020.

While blistering summer heat is being felt across the U.S., financial markets are feeling the heat from another upside surprise on inflation. Equity markets tumbled lower last week and are sliding back into bear market territory in this week’s early trading following the May inflation report released on Friday with consumer price growth hitting a fresh 40-year high accompanied by a report of record lows in consumer sentiment from the University of Michigan.

So, you took the plunge. You steeled yourself, got your accounts in order, and bought a house – congratulations! Buying a home is a big step that can have a major impact on your future financial security. But it’s not a “one and done” deal – purchasing a house is just the start of your homeownership journey.

Stocks fell on Friday for their eighth weekly loss out of the last nine, as a stronger than expected report on U.S. nonfarm payrolls suggested the labor market remains strong enough for the Federal Reserve to raise rates quickly.

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