Quarterly Commentary: First Quarter 2026
In our last commentary, we described a scenario going into 2026 where U.S. stock market valuations were historically high, the Fed was in cutting mode, and the Trump administration was asserting itself in our hemisphere. This was in the backdrop of a generational affordability challenge for the average American.
Quarterly Commentary: Fourth Quarter 2025
Markets navigated a rather complex set of circumstances in the fourth quarter of 2025. Momentum remained robust through September fueled by healthy corporate earnings, strong consumer spending, and continued business investment. However, as the quarter unfolded, recession fears, cracks in the AI growth story, and a historic 43-day federal government shutdown stalled this momentum and denied investors a “Santa Claus” rally for a second year in a row.
Quarterly Commentary: Third Quarter 2025
From the Fed’s rate cuts to Washington’s latest standoff, investors faced no shortage of headlines this quarter — yet markets continued to advance. Explore what’s fueling the rally, why inflation remains tricky, and how we’re preparing for the months ahead.
Quarterly Commentary: First Quarter 2025
Entering the second quarter, market volatility has increased dramatically as the Trump administration’s agenda has become more evident. The sheer scope of the actions of DOGE and President Trump’s multi-faceted tariff policy has seemingly caught the investment community by surprise.
Quarterly Commentary: Fourth Quarter 2024
The fourth quarter of 2024 proved to be a volatile one, yet U.S. equities ended the period in positive territory.
Quarterly Commentary: Third Quarter 2024
The markets entered 2024 with strong momentum on the heels of a 4th quarter rally in global stock and bond markets.
Quarterly Commentary: Second Quarter 2024
The markets entered 2024 with strong momentum on the heels of a 4th quarter rally in global stock and bond markets.
Quarterly Commentary: First Quarter 2024
The markets entered 2024 with strong momentum on the heels of a 4th quarter rally in global stock and bond markets.
Quarterly Commentary: Fourth Quarter
Markets ended 2023 on a high note, rebounding nicely after a disappointing third quarter. The year was certainly not without its challenges, including the steepest borrowing costs in over 20 years, a regional banking crisis, and escalating geopolitical turbulence.
Quarterly Commentary: Third Quarter Update
The third quarter of 2023 saw a pause in what had been several months of steady market gains.