Market Perspectives

Despite continued geopolitical events and a potential banking crisis, markets remained focused on the economy and central banks’ attempts to control inflation. The quarter started with relative optimism after the lowered expectations of 2022 and nearly all asset classes fared well. Despite the failures of some midsized banks, and the buyout of Credit Suisse, markets have largel ...

2022 was a year of disappointment and negative surprises as economies faced the consequences of geopolitical turmoil and central banks fighting inflation. The result was a historic decline in global investment wealth. Statistically, 2023 is likely to be better. Market Performance A historic 2022 closed in a positive quarter with markets rising before falling in December. Duri ...

Central banks are playing a high-stakes game with the economy. Thus far, the Fed’s efforts to fight inflation by raising interest rates have not had their full intended effect. Meanwhile, the leading problems of war, inflation, and the pandemic seem little closer to resolution today than last quarter.  With more aggressive rate hikes on the horizon as well as little indication ...

Markets are pricing in a potential recession as central banks slow economies to fight inflation. While it is rare to have a recession without investors experiencing some pain, this self-imposed economic slow-down is highly anticipated and may be briefer than most; despite the bear market indicating a potential recession, current employment remains high and supply chains are imp ...

An unusually strong tug of war between economic forces is playing out in global markets, with a booming economy and low unemployment offset by the effects of the Russian invasion of Ukraine and expanded inflation. Expectations over the timing and magnitude of Fed interest rate increases rapidly evolved as clarity began to emerge around central bank responses to inflation. Marke ...

The year ended on a highly upbeat tone for investors as equities rose to new heights against a backdrop of inflation and a prolonged pandemic. This marked the acceleration of many market and economic trends for the year including the dominance of U.S. large-cap stocks, the rebound in sectors such as real estate inflationary pressures, a return to full employment, and a broad mo ...

After beginning the quarter on a relatively upbeat note, familiar themes returned as fears of inflation, ambiguity over the end of the pandemic, and uncertainty about the future of Chinese capitalism raised concerns for investors. Markets vacillated between these concerns and cautious optimism for economic growth emerging from the pandemic. As a result, many markets ended the q ...

As the global economy continued to reopen and the recovery gained speed, markets reached new highs. Inflation rose significantly, but prospects dimmed for a sizable infrastructure bill. Thus, some major trends from the first quarter reversed: bond yields fell and value stocks underperformed as the Fed tried to rein in inflation expectations. Despite some mixed signals from the ...

Despite extensive economic and human costs, 2020 may be a turning point in multiple ways. The speed of the U.S. economic recovery indicates that the U.S. economy is far more resilient than previously acknowledged. The rapid development of a coronavirus vaccine showcased the astonishing capabilities of modern biotechnology firms financed by governments and capital markets. In addition, this year’s innovations in fiscal and monetary policy might become a new standard. Much hinges on whether the Biden administration can implement its agenda of accommodative fiscal policy and strict climate change regulations...

Despite extensive economic and human costs, 2020 may be a turning point in multiple ways. The speed of the U.S. economic recovery indicates that the U.S. economy is far more resilient than previously acknowledged. The rapid development of a coronavirus vaccine showcased the astonishing capabilities of modern biotechnology firms financed by governments and capital markets. In addition, this year’s innovations in fiscal and monetary policy might become a new standard. Much hinges on whether the Biden administration can implement its agenda of accommodative fiscal policy and strict climate change regulations...