The only major catalyst for this week

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Federal Reserve officials will update their quarterly projections, while Fed Chair Jerome Powell will also host a press conference to share his latest thoughts — especially after recent uptick in inflation. Wall Street will watch for any clues on whether the central bank’s confidence has been shaken after witnessing two inflation data that showed a strong acceleration. At the same time, they are unlikely to change their course until they see more inflation data. There is no reason for them to overreact. They are almost sure to leave rates unchanged, and they don’t need to make any decision until the next FOMC meeting. - “The Fed may have less confidence on inflation than before, but it still has confidence in the disinflation trend,” and may keep its median forecast of three cuts this year, Bank of America economists including Michael Gapen wrote in a note to clients. - “This may be fanciful thinking on our part, but there are several inflation reports and plenty of time between now and June to change course if needed.” Bank of America economist Michael Gapen (Photo: CNBC) There is no other key catalysts besides the FOMC meeting. We can expect a relatively quiet trading (barring any surprises) until the rate decision on Wednesday. We expect the markets to stay at where they are until there are convincing data points that change the current sentiment on where the economy is headed to. This Company Is Poised to Dominate in a Fragmented Industry Today’s Stock Pick: The Chefs' Warehouse, Inc ([CHEF]( Running an independent, menu-driven restaurant demands special foods to make their dishes unique and more delicious than your regular, chain restaurant. That’s where The Chefs’ Warehouse comes into the picture. The company is a specialty food and center-of-the-plate product distributor, which it meets the unique demands with a range of specialty foods that includes about 50,000 stock-keeping units. Many of them are rare and unique. - For example, these include handmade charcuterie, gourmet cheeses, uncommon oils and vinegar, truffles, caviar, chocolate, and pastry goods. The Chefs’ Warehouse also offers custom-cut beef, shellfish, hormone-free chicken, and food items like cooking oils, butter, eggs, milk, and flour. Highly fragmented: Specialty food distribution is highly fragmented with CHEF holding the position as the number one national competitor. This brings tremendous opportunity for acquisitions to consolidate the industry and creates a clear revenue growth path. How big is the opportunity? CHEF’s LTM Q3 2023 net sales of $3.27 billion represent about 11% of the company’s target market. This is far from a saturation point, as CHEF can easily grow its revenue by acquiring and increasing its share. (Source: The Chefs’ Warehouse) Diversified customer base: The best thing about CHEF is that its top 10 customers account for less than 6% of net sales for LTM Q3 2023. In fact, it has more than 40,000 unique customer locations. If a restaurant chooses another supplier, it wouldn’t deliver a blow to CHEF’s business. As proof of the quality of its products, CHEF has some of the most exclusive customers. It serves Four Seasons, The Ritz-Carlton, JEAN-GEORGES, The Culinary Institute of America, Cipollini, and so on. (Source: The Chefs’ Warehouse) Critical Route-To-Market For Specialty Suppliers: CHEF has built an incredible flywheel in its business. The more restaurant customers it acquires, the more suppliers want to work with CHEF. And because CHEF has top suppliers, more restaurants want to work with CHEF. The company sources more than 2,500 different suppliers across the globe, and some of them are hard-to-get and exclusive. If a supplier wants to crack the restaurant market, the best (and the fastest) route may be through The Chefs’ Warehouse’s network of restaurants. Now, let’s talk numbers… CHEF sees a clear path of acquiring 4% to 6% revenue growth through organic and another 5% to 10% through acquisitions. That isn’t a big challenge, right? And it expects to earn $4 billion in revenue for the next 2 to 3 years. (Source: The Chefs’ Warehouse) Bottom line: The Chefs’ Warehouse’s diversified customer base makes it less volatile to any economic cycle. Because of how fragmented the industry is, CHEF has a clear path to grow its revenue steadily through acquisitions. If you have cash that you absolutely want to protect from any shock, CHEF offers an above-average growth with lower risk. [EARN WHILE YOU LEARN! JOIN OUR FREE LIVE TRADING SESSION!](       © All Rights Reserved, Trade Alliance [Unsubscribe]( | [Manage Preferences](