Investor sentiment was fickle during the third quarter, resulting in meager performance for most investable assets. Equity markets echoed the rebound in corporate earnings, reaching new highs during the first weeks of summer. At the same time, bond yields fell to levels not seen in months, suggesting bond markets anticipated slower economic growth. By September surging inflation, the threat of tighter U.S. financial conditions, heavy handed regulation in China and the continued spread of COVID-19 had rattled stock and bond investors. Stock markets suffered large drawdowns while higher interest rates weighed on bond prices.

RECENT INSIGHTS

January 17, 2023

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

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December 15, 2022

November brought investors some additional reprieve as the economy continued its bumpy transition to its next phase. Somewhat defying the...

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November 21, 2022

U.S. equities, as measured by the S&P 500 Index, declined slightly last week as investors continued to price in the...

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