Equity markets faced significant challenges in March, with major indices experiencing notable declines. Tariffs dominated headlines and lowered expectations for economic growth while simultaneously raising expectations for inflation.

For the period November 1 – November 30, 2024.  Executive Summary  With the US presidential election in the rearview mirror, US equities climbed higher in November and bond yields declined. Risk assets continue to be supported by a positive macroeconomic backdrop, solid earnings growth, and an accommodative Fed. 

For the period September 1 – September 30, 2024. Executive Summary Despite recent bouts of volatility, equity markets marched higher, ending the third quarter at all-time highs. The Fed began a recalibration of interest rates with a 50-basis point cut, as they see balanced risks to both inflation and employment.

Markets pulled back in April 2024 amid sticky inflation and shifting rate expectations. Explore key economic data, sector performance, and what it means for investors.

Equity markets continue to march higher despite the historic duration of the inverted U.S. Treasury yield curve. Inflation has moderated and stabilized, while growth expectations have modestly improved, indicating that risks between inflation and economic growth are well-balanced.

Explore how America's economy and household wealth have surged since 1989, with GDP more than doubling and assets skyrocketing by over 500%. Discover the key drivers behind this growth—from real estate to equities—and what it means for wealth distribution today.

For the period December 1 to December 31, 2023. Executive Summary 2023 ended on a high note as the interest rate narrative shifted and consensus views broadly turned positive. The new year brings hope of an even more favorable environment for stocks and bonds, but recent history reminds us that consensus opinions can be unreliable.

Bank failures dominated the headlines for most of March. Caused by persistent high inflation and the Fed’s continued rate hiking, these failures stirred up fears that another banking crisis was on our hands. However, this is not 2008, and the overall banking system is the strongest it’s been in decades. Additionally, despite the bank failures, the markets finished positive for the month. After swift and effective action to contain a nationwide bank run, the Fed’s top priority remains getting inflation under control.