Monthly Market Commentary

June 2021 Market Commentary

ECONOMIC UPDATE The second quarter has proven calmer for financial markets relative to Q1The April CPI report showed the biggest monthly gain in core prices since 1981, driven by large increases in prices for used cars, airfare, and lodgingThe “transitory vs....

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May 2021 Market Commentary

ECONOMIC UPDATE High economic optimism and accommodative monetary and fiscal policy continue to boost risk appetite in U.S. financial marketsThe first estimate of Q1 GDP showed 6.4% growth, leaving the U.S. economy less than 1% below Q4 2019 levels in real GDP...

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April 2021 Market Commentary

ECONOMIC UPDATE High economic optimism and more fiscal stimulus contributed to further curve steepening in the Treasury market in MarchEconomist estimates for 2021 growth and consumption are well above long-run trends, and recent measures of restaurant activity and...

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March 2021 Market Commentary

ECONOMIC UPDATE A combination of factors, including inflation worries, contributed to a sharp and sudden steepening of the yield curve in FebruaryRecent COVID trends and economic data have improved, fueling general market optimismSome feel that the bond market is...

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February 2021 Market Commentary

ECONOMIC UPDATE A new White House, but the issue remains the same – dealing with the COVID-19 pandemic There were positive trends on the virus front in January, including reduction in the number of people hospitalized for COVID in the United StatesFed Chair Powell...

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January 2021 Market Commentary

ECONOMIC UPDATE While vaccine success has brightened the 2021 economic outlook, the first quarter is less certain amid surging cases and renewed lockdownsThe labor market has recovered approximately 60% of lost jobs since the pandemic began, and a potential rise in...

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December 2020 Market Commentary

ECONOMIC UPDATE A very challenging year ends with positive developments on the Covid-19 vaccine front, but the recent surge in cases has triggered fresh restrictions in parts of the U.S.Markets have been well-behaved in the wake of the November 3 election, and the...

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November 2020 Market Commentary

ECONOMIC UPDATE Election week has finally arrived, and economists and market participants continue to contemplate various outcomes as it relates to future fiscal policy, regulation, etc.Q3 GDP growth was better than expected, aided by aggressive monetary and fiscal...

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October 2020 Market Commentary

ECONOMIC UPDATE 2020 has been a very difficult year on many fronts, and the economic outlook for Q4 is less certain with Congress unable to agree on additional fiscal aidDespite the uncertainty, the economic data trend, as a whole, continues to exceed expectations,...

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September 2020 Market Commentary

ECONOMIC UPDATE August was atypically busy for broad financial marketsFed Chair Jerome Powell unveiled a new monetary policy framework during his annual Jackson Hole address, including a shift to average inflation targetingDespite various distractions in recent weeks,...

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