MARKET REVIEW In 2Q23, the S&P 500 returned 8.74%, the S&P MidCap 400 returned 4.85%, and the Russell 2000 returned 5.21%. On May 3, the Federal Reserve raised interest rates by 25 bps to 5.00% – 5.25% and then paused in June. Fed consensus calls for two more rate hikes in 2023.1 MACRO OBSERVATIONS Economic […]

MARKET REVIEW In 2Q23, the Russell 2000 Growth returned 7.05%, the Russell 2000 returned 5.21%, and the S&P 500 returned 8.74%. On May 3, the Federal Reserve raised interest rates by 25 bps to 5.00% – 5.25% and then paused in June. Fed consensus calls for two more rate hikes in 2023.1   MACRO OBSERVATIONS […]

MARKET REVIEW In 1Q23, the Russell 2000 returned 2.74% and the S&P 500 returned 7.50%. Despite the worry, the markets have been positive over the last nine months. As anticipated, the Federal Reserve raised interest rates by 25 bps to 4.50% – 4.75% on February 1. General consensus of the Fed predicts another 25 bps […]

MARKET REVIEW In 1Q23, the Russell 2000 Growth returned 6.07% and the S&P 500 returned 7.50%. Despite the worry, the markets have been positive over the last nine months. As anticipated, the Federal Reserve raised interest rates by 25 bps to 4.50% – 4.75% on February 1. General consensus of the Fed predicts another 25 […]

MARKET REVIEW Despite the market’s terrible angst and performance in 2022, the major indices were all higher in the second half of 2022. In Q4, the S&P 500 returned 7.56% and the Russell 2000 Growth returned 4.13%. As anticipated, the Federal Reserve raised interest rates by 75 bps to 3.75 – 4.00% on November 2nd […]

MARKET REVIEW Despite the market’s terrible angst and performance in 2022, the major indices were all higher in the second half of 2022. In Q4, the Russell 2000 Growth returned 4.13% and the S&P 500 returned 7.56%. As anticipated, the Federal Reserve raised interest rates by 75 bps to 3.75 – 4.00% on November 2nd […]

MARKET REVIEW In 3Q22, the Russell 2000 Growth returned 0.24%, the Russell 2000 returned -2.19% and the S&P 500 returned -4.88%. In July, when investors believed the Federal Reserve might end its rate-raising cycle, the Russell 2000 Growth returned 11.20%and the S&P 500 returned 9.22%. In late July, the Federal Reserve raised interest rates 75 […]

MARKET REVIEW In 3Q22, the S&P 500 returned -4.88%, the S&P 400 Index returned –2.46%, and the Russell 2000 Index returned –2.19%. In July, when investors believed the Federal Reserve might end its rate-raising cycle, the Russell 2000 returned 10.50% and the S&P 500 returned 9.22%. In late July, the Federal Reserve raised interest rates […]

MARKET REVIEW In 2Q22, the Russell 2000 Growth returned -19.25% and the S&P 500 returned -16.10%. For the half year, the S&P 500’s -19.96% was the worst performance since 1970. The 10-year U.S. Treasury bond market had its worst half-year since 1788. MACRO OBSERVATIONS 2Q22 was shocking in many ways. We saw daily atrocities from […]

MARKET REVIEW In 1Q22, the S&P 500 returned -4.60% and the S&P 400 returned -4.88%. The market was particularly weak in January as inflation hit a 39-year high and U.S. Government bond yields increased. MACRO OBSERVATIONS In 1Q22, Russia assaulted Ukraine. The brutality was shocking. It laid bare our assumptions about geopolitical stability and international […]