May 2024

Summary Investors who chose to follow the old market adage of “Sell in May and go away,” ended up disappointed, as stocks and bonds rebounded with strong performance following April’s selloff. With inflation and economic data cooling, interest rates moderated and equities rallied during the month. Equities Stocks bounced back in May as global equities…

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April 2024

Summary After a robust start to the year, stocks pulled back for the first time in April. The broad selloff was fueled by diminishing hopes for Fed interest rate cuts, geopolitical worries, and a lower than forecast level of GDP growth in the first quarter. Interest rates moved higher for the month as bonds continue…

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March 2024

Summary Returns were positive across the board for major global asset classes in March. For large cap developed markets stocks, the close of the first quarter of 2024 marked the 5th consecutive month of positive returns, while for bonds, March offered some welcomed relief after a slow start to the year. The rally was truly…

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February 2024

Summary Markets were mixed in February, with strong equity returns rising to new highs, continuing to ride a wave of AI-powered optimism. Treasury yields rose for the month, with most of the pain centered around the January CPI release that came in higher than expected and a better than expected jobs report. Non-U.S. markets experienced…

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January 2024

Summary Markets broadly got off to a poor start in 2024, punctuated by a final-day of January sell-off in U.S. equities. Economic indicators showed a sturdy jobs market and strong holiday spending from consumers. Inflation numbers for December came in slightly above expectations but remained moderate at 0.3% for the month. Interest rates carried 2023’s…

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December 2023

Summary Keeping with the holiday spirit, markets finished the year in a generous mood, filling investors’ stockings with one final month’s worth of bumper returns for stocks and bonds. With the consensus in the U.S. and internationally, agreeing that interest rate hikes are likely a thing of the past, worries of a broad economic recession…

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November 2023

Summary Investors had plenty of reasons to feel thankful in November. Coming off consecutive losing months, stocks roared back, with global equity returns finishing north of 8%. Bonds followed closely behind, with the Bloomberg Aggregate Index posting its largest monthly return since 1985, buoyed by a stunning rally in interest rates during the second half…

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October 2023

Summary Markets continued to decline in October, retracing lower for the third consecutive month. Stocks took a hit due to a combination of strong economic data – which fueled concerns that higher interest rates will persist – and geopolitical risks associated with an escalating conflict in the Middle East. Bond yields were volatile throughout the…

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September 2023

Summary Markets declined further in September, marking a second consecutive down month for both stocks and bonds. Interest rates marched higher, and the Treasury curve flattened with the 10-year yield topping 4.6% late in the month; mortgage rates also ended higher. On the economic front, the United Auto Workers initiated the first phase of a…

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August 2023

Summary Markets seemed to wilt in the summer heat of August before staging a small rally at month-end to pare earlier losses. On August 1st, Fitch downgraded its rating for U.S. government debt from AAA to AA+, sparking an equity and interest rate sell-off that persisted for three weeks. Later in the month, encouraging economic…

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