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
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
1st Quarter 2022 Market Overview
March 31, 2022|Commentary
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
4th Quarter 2021 Market Overview
December 31, 2021|Commentary
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
3rd Quarter 2021 Market Overview
September 30, 2021|Commentary
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
2nd Quarter 2021 Market Overview
June 30, 2021|Commentary
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
1st Quarter 2021 Market Overview
March 31, 2021|Commentary
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
4th Quarter 2020 Market Overview
December 31, 2020|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
3rd Quarter 2020 Market Overview
September 30, 2020|Commentary
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
2nd Quarter 2020 Market Overview
June 30, 2020|Commentary
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
1st Quarter 2020 Market Overview
March 31, 2020|Commentary
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
4th Quarter 2019 Market Overview
December 31, 2019|Commentary
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