The first quarter of 2023 featured much debate around a soft versus a hard landing scenario for the U.S. economy as the Federal Reserve tried to thread the needle with monetary policy while economic growth slowed, and inflation remained uncomfortably high. By the end of the first quarter, sentiment appeared to shift toward our view...Read More

The last twelve months have challenged investors on many fronts, as negative returns proved difficult to avoid. The ongoing war in Ukraine, elevated inflation, supply-chain disruptions, energy supply concerns, and a monetary policy tightening cycle not seen in decades, all contributed to extremely volatile financial markets around the globe. Looking back, we view 2022 as...Read More

Two major themes from the first half of this year, uncertainty and volatility, continued to dominate the financial markets in the third quarter. Not only has inflation around the globe proven to be more persistent, but geopolitical tensions also remain elevated, further darkening the clouds on the economic horizon. Unfortunately, while expectations for a slowdown...Read More

Equity and fixed income investors faced headwinds in the second quarter that were eerily similar to the first quarter, yet to differing magnitudes. Financial conditions tightened as interest rates continued their move higher across the maturity spectrum, while credit spreads widened, equity markets declined, and the U.S. dollar strengthened. Additionally, energy prices increased further, resulting...Read More

January 2022 began with growth expected to decelerate, inflation at multi-decade highs, and the path to tighter monetary policy in sight. If this were not enough to deal with, the economic landscape was further disrupted by Russia’s military buildup along the Ukrainian border and subsequent invasion in late February. The United States, along with allies...Read More