Fourth Quarter 2022 Review of the Markets
January 24, 2023
  Index 4th Qtr Return YTD Return S&P 500 7.56% -18.11% MSCI ACWI Ex USA IMI 14.15% -16.58% Bloomberg Bond Index 1.87% -13.01% Consumer Price Index 0.46% 6.42% Market Commentary While 2022 lacked some of the drama that pervaded 2020, results were significantly worse across nearly every asset class over the course of the full calendar year. The final quarter of 2022 started off poorly...
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2022 Third Quarter Review of the Markets

Investment Commentary The third quarter was another difficult one for both stocks and bonds. The S&P 500 declined 4.9%. International stocks fell as the value of the U.S. dollar rose over the quarter. Foreign stocks, as defined by MSCI ACWI ex USA IMI, declined 9.7%, inclusive of emerging markets, which declined 11.6%. The majority of the losses in foreign stocks for U.S.-based investors throughout the...
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2022 Second Quarter Review of the Markets

Market Commentary The second quarter of 2022 held more challenges for nearly every asset class amid high inflation and historically low consumer sentiment. U.S. stocks finished the quarter down 16.1% with smaller companies underperforming larger ones. International stocks held up better, however they still declined 14.3%. Emerging market stocks underperformed their developed market counterparts. Inflation continues to run significantly above long-run averages. The May Consumer...
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2022 First Quarter Review of the Markets
May 2, 2022
Market Commentary The first quarter of 2022 started out on rocky footing for financial markets. After declines in both global stocks and bonds for the month of January, Russia’s invasion of Ukraine in February exacerbated market concerns and led to further declines in equity prices for much of the rest of the quarter, before a 10%+ rebound during the second half of March. When all...
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