Monthly Market Commentary

January 2022 Market Commentary

ECONOMIC UPDATE High credit quality fixed income portfolios were challenged in 2021 by higher rates and elevated interest rate volatility, fueled by inflation worries and anticipation of the Fed’s responseInflation remains the predominant economic theme to begin 2022,...

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December 2021 Market Commentary

ECONOMIC UPDATE A predominant buzzword for 2021, “transitory” may need to be retired as a description of inflation risks according to Fed Chair Jerome PowellA demand shock from trillions in fiscal and monetary stimulus continues to overwhelm supply, causing more...

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November 2021 Market Commentary

ECONOMIC UPDATE Inflation became the clear and predominant economic theme in October amid stubborn supply chain issues and emerging wage pressuresFixed income markets are now pricing a much more aggressive Fed rate hike schedule for 2022-2023, including two 25 basis...

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October 2021 Market Commentary

ECONOMIC UPDATE U.S. and European central banks appear to have begun the gradual shift to policy normalizationA government shutdown was averted on September 30, but the more critical debt ceiling looms in the coming weeksThe updated Fed “dots” reveal a growing divide...

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September 2021 Market Commentary

ECONOMIC UPDATE Fixed income markets remain highly sensitive to expected monetary policy shifts given the heavy presence of the Fed and other major central banksFed Chair Powell did not mimic the more hawkish rhetoric of his regional Fed bank colleagues in his Jackson...

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August 2021 Market Commentary

ECONOMIC UPDATE The recent rally in Treasuries fueled some questions regarding the strength of the current recovery, particularly with COVID-19 back atop headlinesCurrent economic fundamentals remain sound, and consumer and corporate balance sheets are in relatively...

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July 2021 Market Commentary

ECONOMIC UPDATE Now past the halfway point of 2021, have we breached peak economic growth for the cycle?Fueled by extraordinary fiscal and monetary policy support, personal spending has been strong in 2021, and consumer balance sheets appear well positioned to...

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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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