Our Thinking

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 +

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 +

January was a mixed month for stocks and bonds, following the high bar set by their formidable performance in the final two months of 2023. Much of the strong rally at the end of last year was driven by the expectation that the Federal Reserve had completed its two-year initiative to restore price stability in | Read More +

2023 in Review: A Bitter Start For Financial Markets With A Sweet Ending 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, including the failure of a handful of banking institutions over a short period in | Read More +

November was a strong month for stocks and bonds. During the bumpy period from August through October, we consistently emphasized the importance of remaining patient and disciplined. This position was rewarded last month as major market indices bounced back sharply, and we enjoyed the best month of performance thus far in 2023. In this edition | Read More +

October was a challenging month economically and geopolitically. Before we unpack what it meant for investors, we want to acknowledge a deep pain from the devastating Hamas terror attacks of October 7th in Israel and the ongoing concerns unfolding in the Middle East. The violence and distress have had a profound impact, not only in | Read More +

Heading into the year, most economists forecast that the labor market would need to weaken for inflation to fall, pushing the economy into a recession. Yet, as we sit here today, inflation is heading in the right direction, albeit slowly, and the unemployment rate is just above 50-year lows. At the same time, this economic | Read More +