Cetera's Goldman Says Fed Hike Doesn't Alter Fundamentals

Gene Goldman, chief investment officer at Cetera, told Bloomberg's Paul Sweeney and Scarlet Fu that the Fed's rate decision was "one and done" or possibly "two and done," and not the start of a bigger tightening cycle. He said the move was insurance against sticky inflation and that markets had priced in too much. Bloomberg reported that Federal Reserve officials failed to adequately respond to repeated warnings about Silicon Valley Bank's deteriorating financial condition before its 2023 failure, according to a new draft report cited by Fed Vice Chair for Supervision Michelle Bowman and other people familiar with the document.