ReCAP

Summary Nothing could frighten investors in October, as markets finished the month in the green across the board. In the U.S., a prolonged government shutdown was met with a shrug. Trade deals in Asia calmed global markets in the face of the ever-looming tariff specter. The Fed finished the month by reducing interest rates another…

Summary September brought the first U.S. Fed interest rate cut of the year, an outcome that seemed unlikely when 2025 began. Global stocks continued to climb through the end of the third quarter. Against mixed economic data and a looming government shutdown, investors retained their risk appetites with major asset classes finishing higher across the…

Summary Through the final days of summer, it was smooth sailing as markets cruised ahead.  Major asset classes posted strong positive gains into the Labor Day holiday. Small caps shined, and non-U.S. stocks pushed past 20% year-to-date returns by August’s close. Blue chip U.S. equities stumbled late in the month, but still managed respectable gains,…

Summary Domestic markets climbed alongside the summer temperatures in July, while non-U.S. stocks saw their first pullback of the year. U.S. trade policy offered a few glimpses of clarity on tariffs with important partners in Japan and the European Union, in moves that were cheered by U.S. markets, but met with mixed reviews internationally. The…

Summary Both stocks and bonds rallied in June, shrugging off geopolitical tensions and modest economic data. Emerging markets led the way, buoyed by continued dollar weakening, trailed closely by U.S. equities. Duration provided a tailwind for the month as rates fell across the yield curve and credit spreads held their levels. Equities U.S. stocks rose…

Summary U.S. equities recovered nicely from the turmoil of April, and international and emerging stocks continued to shine in 2025. Bond returns were negative as Treasury rates crept higher in May. Credit spreads retraced much of April’s widening to return near historical tightening. The Federal Reserve maintained the status quo on policy interest rates in…

Summary April 2025 tested global markets in ways that have not been felt since March of 2020. The stress kicked off on April 2 (Liberation Day) with President Trump’s global tariff announcement. His stated plan was to tax imports from every country in the world at a minimum of 10%, with some trading partners facing rates…

Summary U.S. stocks tumbled in March, finishing off a rocky first quarter of 2025. Tariff talk continued to dominate the headlines as measures targeting steel, lumber, and the auto industry were met with countermeasures from Canada, the Eurozone, and Asia. Domestic bonds provided some diversification but still only managed to end the month flat. Inflation…

Summary Markets were mixed in February, as U.S. investors shunned equities for the safety of bonds. Outside of the U.S., markets shrugged off the uncertainty surrounding potential U.S. tariffs to generate modest gains. January CPI came in slightly above expectations, and geopolitics moved to the forefront again with questions on U.S. policy shifts in Ukraine…

Summary Markets started 2025 on solid footing with major asset classes posting positive returns in January. Global equity markets moved higher and interest rate volatility was muted during the month. While markets closed January with an eye toward the impact of evolving trade policies related to President Trump’s tariff threats. Earlier gains prevailed against any…