Noura El Allam @nouraellm: "Portfolio Update | June 17,..."

Belgium

Portfolio Update | June 17, 2026 Fed day delivered the hawkish surprise markets were hoping to avoid. The FOMC voted unanimously to hold rates at 3.5%-3.75%, but 9 of 18 members penciled in at least one rate hike before year end, with 6 projecting two hikes. The new dot plot median shifted to 3.8%, up from 3.4% in March, and inflation projections were revised sharply higher to 3.6% PCE for 2026. Markets sold off in response, with the S&P 500 down 1.21%, the Nasdaq falling 1.34%, and 2-year Treasury yields jumping 16 basis points to 4.21%. That backdrop explains today's moves. $NFLX (Netflix, Inc.) at $77.08 (-2.08%) continues to be the most frustrating position, now sitting close to its 52-week low. $NVDA (NVIDIA Corporation) at $205.31 (-1.01%) and $GOOG (Alphabet) at $362.29 (-2.37%) both caught in the rate hike repricing. $CVS (CVS Health Corp) at $98.00 (-2.70%) pulling back from its $101+ highs, giving up some of the defensive premium as yields rise. $SAP (SAP SE ADR) at €139.30 (-2.14%) back under pressure. $AVGO (Broadcom Inc) at $395.40 (+4.96%) the standout today, finally showing real strength and reclaiming the $395 level it lost after earnings. $CEM at €15.86 (+2.65%) also green. Warsh notably declined to submit his own dot, signalling he intends to overhaul Fed communications entirely, including a review of press conferences, dots and minutes by year end. The higher-for-longer message is now firmly back on the table. Growth names will face headwinds until inflation data starts to turn.

Not investment advice. The author may have financial interests in the mentioned instruments.