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2023 Q4 Recap & Outlook

If 2022 was the year of unprecedented Fed rate hikes and 2023 was the year of the “pause,” it seems likely that this year will be when the Fed pivots towards lowering rates. That’s what markets are anticipating. This means that investors will continue hanging on every...

2023 Q3 Recap & Outlook

For seven quarters, stocks and bonds have moved virtually lockstep in daily trading. When bond prices decline (and yields rise), stocks struggle. It’s typically not as simple as the binary trading market we’ve been stuck in, but since the Fed started tightening in...

2023 Q2 Recap & Outlook

After 10 consecutive rate hikes and 500 basis points of total tightening, the Fed paused in June, reserving the right to resume raising rates later if necessary. This was expected considering the recent stress in the banking system immediately following Silicon Valley...

2023 Q1 Recap & Outlook

If there’s such a thing as the opposite of the beginning of 2022 for markets, that’s exactly what happened in the first quarter this year. The S&P 500 gained 7.5%, and the NASDAQ jumped 20.8% after a very difficult 2022 for both. Bonds gained modestly last quarter...