Market Commentary
Q4 2022
Hard to Find Reprieve in 2022 One year ago, we wrote about soaring inflation and the Fed’s need to act quickly to get it under control. Even as inflation approached double-digits early in the year, the Fed continued to downplay... Read More →
Market Commentary
Q3 2022
Economy: Surprisingly Strong but Tailwinds Fading Growth has been more resilient than expected this year, despite the steepest Fed hiking cycle on record. Continued growth is a reminder that monetary policy works on a lag… typically taking hold 6-18 months... Read More →
Market Commentary
Q2 2022
Market Performance Reflects Higher Likelihood of Recession It was hard to hide in Q2. Stocks and bonds both recorded historically bad quarters as inflation continued to march higher and the Fed began aggressively hiking rates. Higher interest rates and abrupt... Read More →
Market Commentary
Q1 2022
Despite Uncertainties, We Expect Continued Economic Growth We believe economic growth will continue through the remainder of the year, albeit at a moderating pace. Consumer demand still has strong support from wage growth, continued reopening, and pent-up savings from stimulus.... Read More →
Market Commentary
Q4 2021
2021 Beat Expectations in Many Ways… Good and Bad Jobs, consumer spending, corporate earnings, stock prices, home values and even digital assets like crypto currencies and NFTs all grew to incredible heights in 2021. The highs did not come without... Read More →
Market Commentary
Q3 2021
Path to Normalization Our post-pandemic path to normalization has proven challenging on numerous levels, but we are optimistic the coming year will see the world back on a sustainable growth track. In the US, the percentage of the population that... Read More →
Market Commentary
Q2 2021
Transition to Self-Sustaining Growth The U.S. economy has blown past even the most optimistic predictions of what a recovery might look like only a year ago. Overly generous monetary and fiscal policy produced a snapback beyond anything we have experienced... Read More →
Market Commentary
Q1 2021
Reopening and Stimulus Support Strong Growth for the Remainder of the Year After months of exceeding expectations, the economy did more of the same in the first quarter of 2021. The vaccine rollout in the US has advanced much faster... Read More →
Market Commentary
Q4 2020
Reopenings and Vaccines Point to Better Economic Growth in 2021 One month into the 4th quarter brought great news to markets around the globe – the first vaccine was approved for distribution. This news could not have come at a... Read More →
Market Commentary
Q3 2020
Recovery Intact but Also in Need of Additional Stimulus The 3rd quarter started off strong with markets and economic indicators continuing to roar back from their COVID-shutdown lows. In September, though, U.S. equities experienced a 10% drawdown. The correction was... Read More →