For the period October 1 – October 31, 2024. Executive Summary Global equity and fixed income markets retreated in October, reflecting the uncertainty of policy implications leading up to the U.S. election. Now knowing the outcome, as we enter a historically strong season for equity markets, we note that seasonality has been even stronger in past election years, which bodes well for investors.

For the period July 1 – July 31, 2024. Executive Summary Volatility returned to markets as investors grappled with mixed economic data, political headlines, second-quarter earnings, and central bank policy meetings. Despite the challenges, the totality of data suggests that the U.S. economy is still expanding, as investors eagerly await the Fed’s next move.

Stocks have been particularly strong in 2024 as volatility has been near multiyear lows. That trend has reversed in recent days, following the most recent labor data releases.

For the period May 1 – May 31, 2024. Executive Summary Equity markets rebounded in May as first-quarter earnings surpassed expectations. Despite strength in the corporate sector, weaker consumer spending and the overall moderating pace of growth suggest that inflation pressures will gradually subside.