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From the Investment Team

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February 4, 2023
Thinking About Change

In recent months we’ve sought to highlight the notion that investment markets are forward-looking, meaning that they tend to reflect aggregate investor views as to where global economies and the countries and companies that operate within them are heading, rather than where they’ve been. But what does that mean, exactly? Another Look at Inflation Where […]

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January 9, 2023
The Reminders of 2022

Last month we spoke to the relatively rare occasions that U.S. stock markets failed to show a gain by year’s end. The stark decline and the several failed attempts at a rebound in stocks last year were reminders that markets don’t always go up. Minimally, then, market activity in 2022 highlighted the “you lose” side […]

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December 2, 2022
One of Those Years

Most years see some manner of substantial decline in stocks, even as most full-year tallies turn out positive. This year has proved an exception to that tendency. Thus far, at least—there’s still about a month to go. With stocks well off the trough for the year, but still far from their peak at the start […]

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November 4, 2022
Guiding Into It

Seems reasonable to expect that corporate earnings are likely to fall on account of inflation-induced weaker profitability and a slowdown in revenue growth. The growth-stall is likely to stem in part from the Federal Reserve’s efforts to tame that margin-crushing inflation, as the Fed directly intends to provoke a slowdown in macroeconomic activity, perhaps even […]

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October 7, 2022
Deflating Expectations

Many trends suggest progress has been made against inflation, which remains historically elevated across most of the globe. And though mixed in their estimates for how quickly and to what level inflation will fall, survey- and market-based measures for future inflation reflect expectations for a return to more comfortable levels of price change. While we […]

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September 1, 2022
Inflation Confrontation

We were having such a good time, weren’t we? After dropping more than 20% from the beginning of the year through mid-June, the market staged a convincing rebound as investors seemingly saw fit to look beyond the complexities of central bank policy, maybe trusting that inflationary forces could be weakened and might otherwise work themselves […]

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