MACRO OBSERVATIONS Inflation has improved, but the headwinds of elevated costs in housing, food, and labor remain. We anticipate that the Federal Reserve will end rate increases in the coming months, which should allow the economy to digest the impact of higher interest rates. Global economic growth should continue to slow as the impact of […]

MACRO OBSERVATIONS Inflation continues to improve from extremely high levels and we expect the Federal Reserve to end rate increases in the coming months. Global economic growth should continue to slow, and the inversion of the interest rate yield curve indicates a higher probability of a global recession. Energy, housing, food, and labor costs remain […]

MACRO OBSERVATIONS Inflation expectations have improved significantly, which encourages the Federal Reserve to slow the pace of future interest rate hikes. While energy, food, and labor costs remain a significant headwind to lower inflation, we expect this interest rate rising cycle to end in early 2023. Global economic growth should continue to slow, and the […]

MACRO OBSERVATIONS Inflation remains stubbornly high, which encourages the Federal Reserve to set higher interest rates that impact risk assets. Global economic growth is slowing, and the inversion of the interest rate yield curve indicates a higher probability of a global recession. Dollar strength is weighing on U.S. equity markets, which will impact the corporate […]

MACRO OBSERVATIONS Historic global inflation continued to dominate the headlines in 2Q22. Year-over-year inflation in June 2022 was 9.1%, the highest level in 41 years. The inflation we are experiencing is due to a variety of reasons including supply constraints, component shortages, government regulations, environmental policies, energy supplies, food production costs, and transportation and logistical […]

MACRO OBSERVATIONS Wage pressure, logistical transportation, higher commodity prices, and supply chain constraints continued to hamper earnings and forward guidance for many companies. The pandemic and geopolitical conflicts continue to exacerbate global supply issues. We still expect to see some of these risks and pressures begin to alleviate, however the recovery has been delayed beyond […]

MACRO OBSERVATIONS Wage pressure, logistical transportation, higher commodity prices, and supply chain constraints continued to hamper earnings and forward guidance for many companies. The pandemic continues to exacerbate supply issues in developing countries, where many suppliers and manufacturers are located. We expect to see some of these risks and pressures begin to alleviate in 2022 […]

MACRO OBSERVATIONS Wage pressure, logistics and transportation, higher commodity prices, and supply chain constraints have hampered earnings and forward guidance for many companies. Continued impacts from the global pandemic in developing countries have also exacerbated supply issues, as many suppliers and manufacturers are in these countries. We expect to see some of these risks and […]