Third Quarter Review & Outlook: All Eyes on the Fed

October 2022  /  Past Issues

The third quarter saw a reversal of the equity market recovery that began in June. Fears over the magnitude of Fed tightening triggered a selloff in August that has pushed equity prices to a new low for the year. Interest rates have risen dramatically across the yield curve, and inflation, despite signs indicating a decline, has been stickier than expected. Risk in Ukraine has escalated, adding uncertainty to the geopolitical landscape.

The third quarter saw continued declines across all major asset classes. International stocks bore the brunt of the decline, with both developed and emerging markets down 9.4% and 11.6% respectively, bringing year-to-date declines over -27%. US equities fared a bit better during the quarter, but still posted…

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