After solid gains in the first half of 2023, equities posted a negative return in the third quarter. Bonds also retreated over the past three months as interest rates rose and “higher for longer” has become the new mantra for interest rates.
During the first six months of 2023, several factors have impacted the global economy and stock markets. Rising inflation, stress on the balance sheets of US regional banks, and the rapid development of artificial intelligence were among the most influential factors. We will review each of these elements and then explain how they contributed
to the current state of the markets.
Defined benefit pension plans, under which employers commit to pay a pension to their retired employees for the remainder of their lives, are becoming much less common. As a result, a growing proportion of the population must finance its own retirement.
Both equity and fixed income markets wrapped up a volatile first quarter that included a wild swing in interest rate expectations, a mini bank crisis culminating in the forced take-over of Credit Suisse and even an oil supply shock as OPEC unexpectedly announced production cuts.
2021 was another year of turmoil marked by new COVID variants, disruptions of supply chains and inflation levels never experienced for many investors. Despite this backdrop, equities had a strong year...
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