Market Commentary

Our portfolio managers give you their analysis of current economic trends
within their targeted area of investment

Core Strategy
Will Wurm
portrait photo of Will Wurm

PDF download Q1 2024 : Breadth

Summary: Thus far, throughout the tightening cycle, economists and market strategists have consistently underestimated the strength of the economy and overestimated the economic impact of higher rates. The consensus forecast for recession has yet to arrive, and, in contrast, GDP growth remains solid, productivity has improved, and labor markets are robust. Defensively positioned investors still looking for weak economic growth, a recession or rate cuts are being drawn into equity markets in a capitulation for fear of missing out on future gains. Positively, and contrary to 2023, there is more than just tech driving gains as strong first-quarter returns were posted in the energy, industrials, and financial segments as well. This widening participation, known as breadth, is a strong indicator of a sustainable equity uptrend.

Past issues:     Q4 2023     Q3 2023     Q2 2023     Q1 2023    

Municipal Fixed Income
Evan Slater
portrait photo of Evan Slater



PDF download Q1 2024 : Municipal Market Update

Past issues:     Q4 2023     Q3 2023     Q2 2023     Q1 2023