Good morning!

There's a lot of economic reports hitting this week, made all the more significant by the Fed's June meeting June 13 & 14. Another pause on interest rates? We'll see.

And starting this week, Watchweek will also include a few brief health and wellness articles every now and then. We want everyone in tune with their own health as well as the economy's. Now, here’s what’s happening…

• April's Consumer Credit Report lands Wednesday, a measure of just how much the U.S.'s total outstanding credit card debt. A March jump of $26.5 billion is expected to be followed by another jump of $21.6 billion on the increase. There has been a big, upward trend since the middle of 2021, and 2023 has risen even faster than previous years. An interesting bit of information is that for the first time in 20 years, for the first quarter in 2023 Americans did not reduce credit card spending, which goes against the usual pattern of heavy spending in the fourth quarter and paying down debt in the first of the following year. That suggests that U.S. households are feeling the strain from higher prices and inflation. *

• The price of oil jumped sharply Monday following Saudi Arabia's announcement to cut oil production another 1 million barrels daily in July. The pledge created a riff in the recent meeting of OPEC+ (Organization of the Petroleum Exporting Countries), whose other members chose to stick to their previously announced cuts for the rest of 2023. Brent crude, the international benchmark, was up 2.7% to $78.14 early Monday, still down 9% so far this year. One reason for the steady drop in price has been Russia’s continued pumping of cheaper crude, adding to a global surplus and undermining Saudi Arabia’s efforts to boost energy prices. **

• Apple's share price soared Monday, even before the start of its Worldwide Developer’s Conference and announcement of a slew of new products, including its highly anticipated Vision Pro mixed-reality headset. Already nearing the first $3 billion market valuation, Apple shares briefly broke the previous record of $182.94 established on Jan. 4, 2022 and established an all-time high Monday at $184.95. After the company unveiled the headset and announced its price tag--$3,499--shares pulled back to close below $180, a 0.8% loss for the day . ***  

The financial advisors at Miramontes Capital diligently keep up with anything that can impact our clients' finances and tap into more than 175 years of combined investment experience. We're doing our all to keep your money protected and growing. If you have a friend or family member you think might benefit from our financial oversight, do them a favor and send them our way. We'll be more than happy to provide them the same personal and professional services you enjoy every day as a valued client of Miramontes Capital. Just call your advisor with your referral. Until next week...