Monthly Market Commentary
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...
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...
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...
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....
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...
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...
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...
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...
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...
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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