The first half of 2022 has been tumultuous, to say the least. As of June 20, we have seen the S&P 500 enter bear market territory, interest rates rise 150 bps and likely rising further, inflation at a 40-year high, slowing growth, a protracted war in Ukraine, and an increased likelihood of a recession.

In our Mid-Year Capital Markets Update, we address five themes impacting the macro environment and the capital markets: inflation, interest rate policy, recession, growth vs. value in equities, and increased correlations among certain asset classes. The outcome of our analysis has led to several changes in both sentiment and portfolio allocation.

Read or download our full 2022 Mid-Year Capital Markets Update [PDF]