MISSION ACCOMPLISHED? Entering 2024, the Federal Reserve appears set to proclaim its inflationary mission accomplished – and in soft-landing fashion. Investors welcomed the Fed’s evolving message on monetary policy, with global equity markets up 11% (12% in the U.S.) in the quarter. The strong finish to...
ALL ABOUT RATES Global markets were weak over the past month, with both stocks and bonds posting negative returns. The catalyst was principally the material rise in interest rates over the course of the month – driving losses in fixed income and pressuring equity valuations. Until...
IT’S A MARATHON… As most of the world’s population exits summer, marathon season resumes – with two of the six majors* (Berlin and Chicago) bookending the start and end of the third quarter, and New York coming up in November. The “it’s a marathon, not a...
TAKING THE UNDER Global equities were roughly flat over the past month against a flattish backdrop for interest rates, with non-U.S. equity markets trailing due to a strengthening of the U.S. dollar. U.S. large cap growth stocks continued to outperform, masking softness in value and small...
COMPLACENCY CONCERNS The past month was marked by a broadening of equity market performance amidst a rise in interest rates. Now north of 4%, the 10-year U.S. Treasury yield is approaching the highs from last October – leading growth stocks to underperform. Though off the highs...
GOLDILOCKS WITHOUT THE BEARS? Financial markets in the U.S. appear to be increasingly pricing in a Goldilocks scenario of both recession avoidance and inflation returning to Federal Reserve (Fed) targets – shaking free of residual bearish sentiment about weaker growth and sticky inflation. U.S. equities continued...