VRS 80 Years Celebration & Overview

23 Markets & Economy Interest Rates RS Virginia Retirement System Fed interest rate hikes triggered repricing of stocks as future earnings are worth less. The war in Ukraine continues, keeping upward pressure on energy and food prices. STOCK MARKET ST Analysts still predicting strong revenue and earnings growth; could dampen price declines. Labor market is strong and balance sheets are healthy. FOR Housing showing signs of a slowdown as mortgage applications are down SALE through May. OUT OF STOCK Supply chain issues are TEMPORARILY easing in some areas but OUT OF STOCK are only improving slowly in others.

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