After a difficult September, investors enjoyed a respite from the grueling downturn in the capital markets. Global stocks surged on a wave of optimism as investors absorbed third quarter corporate earnings and hoped that the Federal Reserve and other central banks would slow the pace of monetary tightening. Fixed income again created headaches for investors as interest rates continued their upward trajectory. The yield curve remained inverted with short-term rates higher than long-term rates, a recessionary signal that has led to a rush of new money into cash and short-term fixed income.


March 9, 2023

After an exuberant January, investors took a step back as concerns reemerged that inflation and tighter financial conditions could derail...

February 7, 2023

Investors are deluged daily with data about the economy. Invariably, the data does not emit consistent clues about the direction...

January 17, 2023

Heading into 2022, investors were optimistic. The economic recovery from the coronavirus pandemic had exceeded expectations and risk-assets had positive...