Market Commentary

The beginnings of a global push on Covid-19 vaccinations, lifting of U.S. election uncertainty, ultra-accommodative policies, and a continuation of the cyclical economic recovery drove equity markets to all-time highs in… more

Policy and the pandemic will continue to drive markets in the short-term and keep volatility elevated. Beyond the near-term volatility, the weight of the evidence tells us that unprecedented levels of… more

The mass media routinely paints a very dire picture of the global economic situation. It’s important to realize that journalists are not capital market strategists, however, and are incented to create… more

The first quarter of 2020 will long be remembered as one of major transition and economic shifts. January saw its share of newsworthy developments beginning with increased tensions with Iran. Soon… more

Global markets ended the quarter, the year, and the decade with several pro-risk momentum drivers including a notable move higher in liquidity, a hiatus in global trade conflicts, stabilizing global growth… more

The three Ts dominated market psychology in the third quarter: Trade, Tariffs, and Treasuries. After strong performance results for both stocks and bonds during the first half of the year, global… more

2019 is the first year since 1995 where long term Treasuries and the S&P 500 are both up over 10% for the first half of the year—enjoy. Renewed policy accommodation leaves… more

Jerome Powell’s January 4th speech in Atlanta was a pivotal point for financial markets. The U.S. Federal Reserve’s shift away from its tightening monetary stance turned the tide for global markets… more

The same three pillars of support (policy, earnings, economic growth) which delivered sound performance well into September showed some cracks in the fourth quarter. Tightening financial conditions, slowing economic growth, trade… more