Market Commentary

Q3 2023 Economic and Market Overview

The U.S economy has continued to show resilient growth in recent months, surprising many economists who had expected that a recession would have begun by now due to higher interest rates, tighter credit, and still-elevated inflation. The Bureau…...more

2023 Mid-Year Update: Recessionary Resilience & Defying Expectations

In our 2023 outlook, titled “Navigating Uncertainty,” we outlined three broad themes that we believed would influence markets in 2023—continued volatility, moderating inflation, and a bear market bottom....more

Q2 2023 Economic and Market Overview

U.S. economic growth slowed in the first quarter of 2023, and the current environment sets up the possibility of weak growth for the remainder of the year. Even though growth was positive for the third consecutive quarter, the…...more

Q1 2023 Economic and Market Overview

The U.S. economy picked up steam in the second half of 2022 after declining in the first two quarters. Despite this recovery, the economy continues to struggle with rising interest rates. Against this backdrop, the Bureau of Economic…...more

Q4 2022 Economic and Market Overview

The US economy posted modest growth in the quarter, but continues to grapple with high inflation, rising interest rates, and slowing employment growth. Within this landscape, the Bureau of Economic Analysis released the third estimate of the third…...more

2023 Outlook: Navigating Uncertainty

As we wrap up 2022, we acknowledge the whiplash that may be felt after ping-ponging between a brief but precipitous bear market in 2020, 18 months of substantial stock gains, and now a year of volatile markets and…...more

Q3 2022 Economic and Market Overview

The US economy struggled onward in the third quarter as surging inflation and resultant rising interest rates caused further economic contraction. The Bureau of Economic Analysis (BEA) released its third estimate of the second quarter real GDP, which…...more

Q2 2022 Economic and Market Overview

The US economy slowed precipitously in the quarter, as the Russian invasion of Ukraine and significant swings in inventory accumulation put a damper on growth. Against this backdrop, the Bureau of Economic Analysis released the third estimate of…...more

Q1 2022 Economic and Market Overview

The US economy generated accelerated growth in the quarter, as pandemic related restrictions had increasingly been lifted and the Omicron variant emerged too late to have impacted the data. Against this backdrop, the Bureau of Economic Analysis released…...more

Markets Memo: Russian Invasion of Ukraine

 Tensions between Russia and Ukraine, which have been rising for years, came to a head this week. The Russian military operation against Ukraine is causing concerns about the potential impact on markets and the global economy. We offer…...more