October Monthly Commentary

U.S. equities moved higher in October as strong corporate earnings and a relatively positive macroeconomic backdrop pushed the S&P 500 Index to a record high, with the index gaining 7% last month. During this period, non-U.S. equities were also in … Continued

September Monthly Commentary

Global equities sold off in September as inflationary concerns pushed yields higher. The Federal Open Market Committee assumed a more hawkish tone in its meeting last month as the median policy rate forecast increased to three hikes in the Fed … Continued

August Monthly Commentary

Risk assets pushed higher in August with encouraging economic data, still-accommodative monetary policy, and strong corporate earnings underpinning positive sentiment. Despite another month of robust returns, concerns loomed over the continued spread of the Delta variant, negatively impacting consumer sentiment … Continued

September Monthly Commentary

Global equities were mostly negative in September as continuing growth concerns in China permeated markets and worried investors and central bankers alike.  In the US, the Federal Open Market Committee (FOMC) elected not to raise its target interest rate.  As … Continued

August Monthly Commentary

August was a difficult month as China’s surprise devaluation of the yuan fueled concerns around global growth and unleashed a wave of volatility, sparing few asset classes. For instance, the MSCI EM Index fell 9% as emerging market equities—especially China’s … Continued

July Monthly Commentary

The Greek debt crisis and a steep sell-off of overheated local equities in China dominated headlines in July.  However, it was slowing growth out of China—the world’s second largest economy—that seemed to have the most pervasive impact on markets.  Commodity … Continued

February Monthly Commentary

Financial markets reversed course in February as global equities rallied. The MSCI EAFE Index returned 6.0% amid investor anticipation of the European Central Bank’s quantitative easing program, which kicks off this month. The gains were also driven by strong returns … Continued

January Monthly Commentary

Global equities were a mixed bag in January as investors responded to diverging monetary policies and the resulting potential for an uptick in volatility.  The S&P 500 fell 3.0% on the month while emerging markets were modestly positive as the … Continued

December Monthly Commentary

US equities scaled new highs in December amid optimism around the economy. To this end, the S&P 500 returned 13.7% for the year and the Russell 2000 gained 4.9%. These advances came amid a slump in the rest of the … Continued

November Monthly Commentary

After a spike in volatility in October and a subsequent recovery, it was back to more of the same for US markets in November as many domestic equity indices scaled new highs.  Conversely, 10-year government bond yields in many countries—Germany, … Continued