Our Thinking

Insights: Market Observations as the Fed Remains on Pause

The cautious optimism we brought into April after the first quarter’s market momentum was tempered during the month because of challenges in both equity and fixed-income markets. Despite a positive start to the earnings season, equity markets retreated throughout the month, driven by the prospects of “higher-for-longer” interest rates and concerns regarding the persistence of | Read More +

Insights: Market Observations at the End of the First Quarter

As we reflect on the markets’ performance in March, we also mark the end of the first quarter of 2024. It has been a good start to the year. Equity markets maintained their positive momentum, steadily climbing upward, while fixed-income markets posted healthy returns in March despite a fluctuating interest rate environment during the first | Read More +

Insights: U.S. Stocks Reach All-Time Highs Despite a Reset of Rate Expectations

February, with its extra day for the leap year, saw equity markets vault ahead. Earnings season was in full swing throughout the month, with more than 97% of U.S. companies reporting quarterly results. In aggregate, these companies exhibited healthy profit margin growth and pricing power, buoyed by robust U.S. economic activity. Despite a shared vigorous | Read More +

Sage 2024 Annual Letter

Last year brought a collective rebound for major economies and financial markets. There were unsettling moments and expectations of a domestic recession that caused uncertainty and short-term discomfort—but the year closed with a noteworthy financial markets rally in the fourth quarter, providing an uplifting finish. Investors entered 2023 still grappling with the aftermath of 2022, | Read More +

Our Perspective: The Recent Market Rally

As we approach the year’s final weeks, we want to share our thoughts on the current market landscape and recent positive developments. What Has Happened? In early November, optimism surfaced around the likelihood that central banks, including the U.S. Federal Reserve (Fed), were finally getting ready to end a historical period of interest rate increases. | Read More +