January 2023 Commentary
January 2023 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.
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.
Don’t Fight the Fed
The Federal Reserve has a big challenge: Tame a surge in inflation that reached levels not seen in four decades without pushing the economy into recession.
January 2022 Commentary A Transition Year
While the world remained tense over the ongoing pandemic, the stock market did not skip a beat in 2021.
Slower Growth + Tighter Fed = Still Okay
In the aftermath of the pandemic, both the economy and financial markets continue to strengthen.
2022 was a tough year for financial markets. Both stocks and bonds saw double-digit losses. Surging inflation forced the Federal Reserve to aggressively raise interest rates.