Modest economic growth and stable rates have underpinned stocks in a relatively dull rally that has the major indexes at or near all-time highs, according to MarketWatch.

According to the Energy Information Administration, the average price of regular gasoline this year bottomed at $3.06 in January. As of the last reporting date, the price averaged $3.64 on May 6.

So far, Fed rate hikes in 2022 and 2023 appear to have done little to dampen economic activity.

Despite numerous headlines of tech sector layoffs, not many laid-off workers are filing for unemployment benefits.

Though the population is much larger today, claims are hovering near a level not seen since the early 1970s.

Since 1928, the S&P 500 Index averaged an annual increase of 11% (dividends were reinvested). The index finished the year higher 73% of the time, according to data provided by the NYU School of Business.

Some analysts have been warning for quite some time that Fed rate hikes will slow economic growth. Whether it results in a soft landing, which is the preferred outcome for investors, or a hard landing (recession), the rate hikes would be expected to blunt economic activity, at least to some degree.

Fed Chief Jay Powell, along with other Fed officials, have been open about discussing the lessons they learned and the errors made during the 1970s.

Fitch said its decision “reflects the expected fiscal deterioration over the next three years, a high and growing general government debt burden,” and repeated political brinkmanship surrounding the debt ceiling debates.