18 Oct 2023

3rd Quarter Charts 2023

Market Review The S&P 500 reached a 2023 high at the end of July, but from its intra-quarter high the index declined 6.3% through the end of September. Smaller-cap stocks (Russell 2000) also had momentum early in the quarter but changed course and ended the quarter down 5.1%. Within foreign markets, developed international stocks (MSCI […]

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26 Apr 2023

1st Quarter Charts 2023

Market Review Despite the stress in the banking system, including the second-largest bank failure in U.S. history (Silicon Valley Bank), global equity markets held up remarkably well in March and posted solid returns for the quarter. The S&P 500 gained 7.5% in the quarter, while developed international stocks did a bit better, up 8.5%; emerging […]

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25 Oct 2022

3rd Quarter Charts 2022

Market Review After a very difficult first half of the year, equity markets rebounded in July and August on investor hopes of an easing in inflation and a Fed pivot or pause. The reprieve was short-lived however, as stocks tumbled to fresh lows in late September amid further aggressive central bank rate hikes and statements […]

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22 Jul 2022

2nd Quarter Charts 2022

Market Review It’s been an extremely difficult year for investors, with equity markets falling into bear market territory (down more than 20%) and “low-risk” bond markets registering low double-digit losses. Over the past few months, the economic backdrop has worsened with sustained high inflation and slowing growth, as the Federal Reserve and other global central […]

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17 Apr 2022

1st Quarter Charts 2022

Q1 2022 Was a Historically Challenging Period for Stocks and Bonds Global stocks and US core bonds are both down year to date as markets digest higher inflation, rising interest rates, and geopolitical uncertainty As we’ve discussed for some time, rising inflation and rising interest rates creates challenges for both stocks and bonds, and in […]

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07 Feb 2022

4th Quarter Charts 2021

The World Faces a Fifth Wave of Covid-19 Infections, But Deaths Have Not Risen in Concert COVID-19 remains a key variable for the near-term (12-month) global economic and market outlook. We still believe the most likely medium-term (multiyear) base case is for continued progress against the virus and a lessening of its economic impact over […]

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