Market Commentary

The Federal Reserve’s interest rate decisions—past, present, and future—were the primary focus of investors in the fourth quarter. This single phenomenon impacts the trajectory of almost every other financial metric relevant… more

Most global financial assets rebounded from the oversold conditions of August/September with the notable exception of Chinese equities. Capital market narratives for the month were centered around monetary policy and the… more

The second quarter of 2022 was a decidedly weak environment for almost all traditional financial assets. For most of the quarter, through early June, the global economy had been contending with… more

The past quarter saw dramatic shifts in financial market conditions and expectations. Interest rates increased dramatically in the United States as the Federal Reserve began the process of normalizing interest rates. more

The past quarter started out with a nice rebound in risk assets but grew more volatile toward year end as the Omicron surge and rising inflation pressed the Fed into a… more

The third quarter managed the Delta variant surge and a Fed policy inflection point relatively well. Equity markets took a breather in September, giving back July and August gains, but did… more

The Federal Reserve Bank of Atlanta’s GDPNow model projects 7.5% GDP growth during the second quarter. Estimates of real GDP growth for calendar 2021 remain within the 6%-8% range. Massive federal… more

A highly accommodative monetary policy, aggressive fiscal packages, and a surprisingly rapid vaccination rate propelled risk assets in the first quarter of 2021. The S&P 500 gained 6.2% over the quarter,… more

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