Quarterly Perspectives

Global markets defied a complex backdrop in 2025, delivering robust returns across both equity and fixed income investments. Shifting trade policies and geopolitical tension created volatility but were ultimately outweighed by corporate earnings strength and lower interest rates. While high equity valuations, persistent inflation and geopolitical uncertainty remain areas to monitor, the global economy is…

U.S. equities advanced during the third quarter and have registered above-average gains for the year, boosted by strong corporate earnings and prospects for monetary and fiscal stimulus. Fixed income investments also recorded positive returns for the quarter and year-to-date as interest rates fell for bonds of all maturities. The resilience that characterized the U.S. economy…

U.S. stock indices staged a forceful recovery in the second quarter following a sharp, but brief, correction in April triggered by trade policy developments. Fixed income investments recorded positive returns in a somewhat volatile period for interest rates as investors weighed the risks of higher inflation against those of softer economic data. Middle East tensions…

U.S. stock indices declined in the first quarter strained by tariff uncertainty and a retrenchment in business and consumer confidence. Fixed income investments recorded positive returns as yields declined across maturities due to slowing growth and a flight to safety. Looking ahead, U.S. economic growth is likely to remain subdued while certain international regions may benefit from…

Equity markets registered significant gains in 2024, underpinned by healthy economic growth in the U.S.  Fixed income portfolios recorded modestly positive returns for the year, with yields falling for short maturity issues and rising for bonds of longer duration.  Resilience of the U.S. economy defied widespread expectations of a slowdown, while many overseas economies struggled…

U.S. stock indices finished the third quarter at record highs driven by growing corporate profits, slowing inflation and the anticipation of a reduction in the federal funds rate, which came to fruition in September. Fixed income returns were positive as yields declined across the maturity spectrum, reflecting moderating consumer prices and slower job creation. Global…

The S&P 500 Index rose in the second quarter driven by strong corporate profits, the promise of artificial intelligence and slowing inflation. Sizable gains in a small number of very large stocks lifted market capitalization weighted indices, though the average U.S. and international stock registered losses for the period. Interest rates finished the quarter little…

Equities rose in the first quarter driven by strong corporate profits and anticipation of a reduction in the Federal Funds Rate this year. Fixed income returns were muted as healthy economic data and higher-than-expected inflation lifted interest rates modestly, though yields are below their peak in 2023. Global economic conditions remain mixed, with healthy momentum…

Last year finished on a bright note with equity and fixed income markets registering exceptionally strong returns in the fourth quarter. Stocks were lifted by resilient economic activity in the U.S., resumption of growth in corporate profits and a fall in interest rates. The significant decline in yields during the final three months of the…

Equity and bond markets declined in the third quarter, pressured by rising interest rates, which threaten the durability of the U.S economic expansion. The Federal Reserve continued its campaign of rate increases during the quarter, but at a slower pace and signaled its determination to maintain restrictive policy to ensure inflation does not reaccelerate. The…