What has sparked the recent sell-off in global financial markets isn’t totally clear, in part because one could be justified pointing at a few factors. As of a couple weeks ago, U.S. markets were already up about 20% for the year, though for the most part that performance was concentrated in a small number of
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July 15, 2024 Major US equity indices were mixed in Q2, with the S&P500 and NASDAQ recording gains while others like the DJIA and Russell 2000 fell. The differences lie in the extreme concentration of a few large stocks driving the bus – more on that below. In the bond market, rates ticked higher in
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June 24, 2024 Inflation has continued to be a topic of conversation and concern in the US.  The quiet thief of purchasing power has remained stubbornly elevated, eroding the value of our hard-earned money at elevated rates.  Necessary expenses that rise faster than the growth in savings and investments can result in difficult choices during
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April 15, 2024 Stocks posted healthy gains in the first quarter, adding to the strong performance experienced in 2023. Continued enthusiasm for AI pushed many tech stocks higher, while optimism for a soft economic landing (slowing inflation without sending the economy into a recession) and interest rate cuts helped broaden the rally to other sectors.
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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? 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 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 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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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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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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