Commentary – Third Quarter 2021
October 26, 2021
Commentary – First Quarter 2022
May 26, 2022Commentary – Third Quarter 2021
October 26, 2021Commentary – First Quarter 2022
May 26, 2022INSIGHTS
Commentary - Fourth Quarter 2021
Goodbye 2021, Hello 2022 - We see 2022 heralding a similar pattern with solid global equity gains, albeit muted relative to the past three years, and continued downward pressure on bond prices for a second consecutive year.
It’s rare for global stock returns to be positive while bonds returns are negative in any one year, let alone in back to back years. Frankly, this is something not observed since 1977. This unique performance pattern is being driven largely by uncertainty around the Fed response to record inflation combined with the headwinds relating to the Coronavirus pandemic and reopening of the economy. Overall, bond yields have been slower in responding to elevated inflation levels than in the past. If this continues it should keep real, or inflation-adjusted, bond yields historically low while underpinning equity market valuations — not withholding hefty volatility for risk assets in the short- to intermediate- term.
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