RESOURCES

OUR RESOURCES

28

Oct

VIEWPOINTS NOVEMBER 2022

BUMPY PATH TO THE PEAK We have written for months about elevated volatility being a recurring issue as long as the market was uncertain about how high interest rates were going. Higher than expected inflation reports in recent months have led to increased expectations around monetary policy, pressuring stocks, credit and increasing the risk of...
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28

Oct

VIEWPOINTS NOVEMBER 2022
VIEWPOINTS NOVEMBER 2022
BUMPY PATH TO THE PEAK We have written for months about elevated volatility being a recurring issue as long as the market was uncertain about how high interest rates were going. Higher than expected inflation reports in recent months have led to increased expectations around monetary policy, pressuring stocks, credit and increasing the risk of...
Read More

14

Oct

Quarterly Review Q3 2022

PREPARING FOR WINTER “Winter is Coming” was the name of the very first episode of HBO’s very popular Game of Thrones television show; and it quickly set the plot for the series: After the longest summer in history (10-plus years), preparations are being made for an equally long (and harsh) winter. Markets also enjoyed an...
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14

Oct

Quarterly Review Q3 2022
Quarterly Review Q3 2022
PREPARING FOR WINTER “Winter is Coming” was the name of the very first episode of HBO’s very popular Game of Thrones television show; and it quickly set the plot for the series: After the longest summer in history (10-plus years), preparations are being made for an equally long (and harsh) winter. Markets also enjoyed an...
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30

Sep

VIEWPOINTS OCTOBER 2022

GROWTH WEAKER BY DESIGN A negative inflation surprise for the month of August and more hawkish Federal Reserve rhetoric dashed investor hopes that the end of the Fed’s rate hike campaign was in sight. Instead, interest rates have moved higher and equity markets have moved lower. While commodities have been falling and goods inflation has...
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30

Sep

VIEWPOINTS OCTOBER 2022
VIEWPOINTS OCTOBER 2022
GROWTH WEAKER BY DESIGN A negative inflation surprise for the month of August and more hawkish Federal Reserve rhetoric dashed investor hopes that the end of the Fed’s rate hike campaign was in sight. Instead, interest rates have moved higher and equity markets have moved lower. While commodities have been falling and goods inflation has...
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01

Sep

VIEWPOINTS SEPTEMBER 2022

PEAK INFLATION  Equity markets have rebounded smartly since mid-June during a period of weak growth and poor sentiment, but solid earnings and what we think is a likely peak in inflation. Better-than-expected earnings reports, coming at a time of extremely poor investor sentiment (a positive contrarian signal) is most likely the catalyst for the better...
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01

Sep

VIEWPOINTS SEPTEMBER 2022
VIEWPOINTS SEPTEMBER 2022
PEAK INFLATION  Equity markets have rebounded smartly since mid-June during a period of weak growth and poor sentiment, but solid earnings and what we think is a likely peak in inflation. Better-than-expected earnings reports, coming at a time of extremely poor investor sentiment (a positive contrarian signal) is most likely the catalyst for the better...
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01

Aug

VIEWPOINTS AUGUST 2022

CONFLICT  Inflation, along with the second order negative impact on growth, remain top of mind for markets. The U.S. June Consumer Price Index (CPI) print of 9.1% year-over-year (y/y) was the second consecutive negative surprise. As shown below, there is a real conflict between the current high level of inflation and what the market is...
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01

Aug

VIEWPOINTS AUGUST 2022
VIEWPOINTS AUGUST 2022
CONFLICT  Inflation, along with the second order negative impact on growth, remain top of mind for markets. The U.S. June Consumer Price Index (CPI) print of 9.1% year-over-year (y/y) was the second consecutive negative surprise. As shown below, there is a real conflict between the current high level of inflation and what the market is...
Read More