Commentary – Fourth Quarter 2022
March 28, 2023
What Have We Learned from Past Recessions?
June 3, 2023Commentary – Fourth Quarter 2022
March 28, 2023What Have We Learned from Past Recessions?
June 3, 2023INSIGHTS
Commentary - First Quarter 2023
As we near the end of the second quarter, we take a look at the macroeconomic backdrop, the next Fed move, and what we think this means for the remainder of 2023.
Quarterly Recap
The primary theme was the banking sector meltdown triggered by the failure of Silicon Valley Bank. Despite the resulting spike in bank stock volatility, global stocks still gained handily as the bulls triumphed over the bears with growth outperforming its value counterparts by 10x on average during the quarter. In bonds, government yields fell while credit spreads, despite dipping intra quarter, came in 5 basis points wider at quarter end. The S&P 500 Index rose +7.5% while WTI Crude Oil fell -6.0%
to just under $76/barrel.
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