Second Quarter Hopes for Soft Landing, Bradley Williams

July 13, 2023 In what was probably a surprise to everyone given the headwinds entering the quarter, stocks did very well in the second quarter.  Concerns about regional bank liquidity and commercial real estate were put aside early and the debt ceiling drama ended up being more a media event than a market one.  Gains
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Pivot, or No? Fourth Quarter Piece, 2022 by Bradley Williams

Pivot or No? January 17, 2023 Most stock indices finished the year above the lows of 2022, though the recovery was truncated in December and the typical end-of-year seasonal rally was rather muted.  Tech and consumer discretionary stocks remained under pressure through the end of the year. Foreign markets experienced a more substantial recovery in
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Relentless Rate Hikes Punish Markets

Relentless Rate Hikes Punish Markets October 24, 2022 The third quarter saw no relief from the pressure financial assets have faced all year and marked the third straight quarter of declines for both stocks and bonds. Foreign markets generally did worse, pressured by the relative strength of the U.S. Dollar and the fallout from the
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The Cost of Containing Inflation

The Cost of Containing Inflation July 15, 2022 There is no way to sugarcoat it, the second quarter was a historically negative one for virtually all financial assets.  When combined with results from the first quarter, many financial markets had annual first-half results that marked either the worst in history or if not, the worst
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May 2021 Economic Update, Anirban Basu

Pandemic Lingers, Recovery Continues Anirban Basu, Sage Policy Group What a difference a few months can make.  At last year’s conclusion and this year’s onset, only high-risk health workers were being vaccinated, the nation faced another spike in COVID cases, job growth had turned negative. But late last year, as the nation’s recovery began to
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Reopening Surge, Bradley Williams

April 16, 2021 Summary: Solid quarter for stocks overall, although there was a change in sector leadership with Technology lagging Energy and other sectors. Bonds saw on of their worst quarters historically. Interest rates began to rise along with equity markets reflecting the growing optimism of economic recovery, consumers being “unleashed” to spend and anticipated
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Anirban Basu’s February 2021 Economic Outlook

New Year Brings Old Problems January has not been kind to America over the past several years.  In 2019, the nation entered the year amidst what would turn out to be the longest federal government shutdown in American history.  In 2020, the country found itself in the middle of presidential impeachment proceedings and staring down
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Recovery Rolls On, Bradley Williams

January 18, 2021 In the final quarter of 2020, stocks posted their third consecutive gain after the big slide in the first quarter when COVID emerged in the U.S.  Tech stocks continued to be among the best performers, though the fourth quarter finally saw a lift in lagging sectors like energy and financials.  Bond yields
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1st Quarter Commentary — Bradley Williams, Chief Investment Officer

Pandemic April 13, 2020 The first quarter of 2020 witnessed some of the most dramatic events in recent history.  Most importantly, our thoughts are with those that have been impacted by Coronavirus and the displacements in its wake.  Society will persevere once again, but the pieces won’t all neatly fall back into place for many. 
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