Q3, 2022

Summary In the first half of the quarter, stocks and bonds rallied on the hopes of a Fed policy pivot, but a sharp reversal in the second half brought new highs for bond yields and new lows in stocks for the year. Investors reacted especially negatively to Federal Reserve Chair Jerome Powell’s August speech at…

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Q2, 2022

Summary The past six months have been the worst start to a year for a traditional “60/40” portfolio since 1932 when the U.S. economy was in the Great Depression. Commodities and energy stocks served as rare bright spots in the first half of 2022, up 18% and 32%, respectively. After being dovish for most of…

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Q1 2022

Summary For the second time in two years, the global economy was thrust into a crisis, first from a pandemic and then from Russia’s invasion of Ukraine. Commodity prices rose substantially as already-strained supply chains were further disrupted and the world tried to realign itself to friendly exporters. Even though the Russian ruble initially collapsed,…

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Q4 2021

Summary ​​Equity markets delivered positive returns in the final quarter while fixed income returns were flat. Due to an improving labor market and stubbornly high inflation levels, policymakers are set to reduce the unprecedented fiscal stimulus and unsustainable levels of monetary policy accommodation. ​​​​​​ Inflation became officially politicized when Democratic Senator Joe Manchin of West Virginia cited…

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