A footbridge in a winter landscape with snow and ice January 2024 Commentary


In 2022, interest rates hit levels not seen in 20 years and the conventional wisdom on Wall Street called for a recession to arrive in 2023. As a result, the stock market realized a bear market drawdown of 25%. However, the economy proved resilient, and the employment situation remained strong.

Field of sunflowers September 2023 Commentary

The Perfect Landing

The U.S. stock market saw a strong recovery through the first eight months of the year. After falling by 18% in 2022, the S&P 500 advanced by 16% through September 15. Over the past 18 months, the Federal Reserve raised short-term interest rates 11 times to 5.25%.

Foot bridge Spring 2023 Commentary

Trending in the Right Direction

The U.S. stock market saw a bear market in 2022, falling 25% before bottoming in October. Fears of a recession weighed on markets as the impacts of inflation and higher interest rates were unclear.

A forest in autumn Fall 2022 Commentary

Navigating Uncertainty

2022 has been a year of change and surprises. Soaring inflation, war in Ukraine, and the rapid rise in interest rates were not on many people’s radars a year ago.

Field of sunflowers Summer 2022 Commentary

Sour Patch or More?

Our 2022 outlook called for a more challenging year, noting Fed policy and inflation were the most likely factors to disrupt the relative calm of 2021.