As we enter 2023 the Rally Buster #1 (inflation) and rally Buster #2 (higher interest rates) unfortunately remain in place. The threat of persistent high inflation and the higher interest rates needed to fight it are still with us, but they do seem to be improving! Although the first part of the year has started out great we anticipate more volatility for global stocks. We’re clearly closer to the end of this cycle than the beginning. We don’t expect the Fed to declare vict

It’s hard not to be surprised by the relative strength of the economy and markets as we approach year-end. Despite 375 basis points of Fed hikes so far this year, the consumer remains unbroken, and the unemployment rate has barely moved. The equity markets have picked themselves off the floor at the end of the third quarter but there’s evidence that the central bank’s work is far from complete. To be clear, the Fed is seeing considerable evidence that their hikes are affecti