Economic & Market Update

Executive Summary * Common sense discussions around inflation are starting to take place, but the voices are still out in the wilderness. Market performance during times of high inflation (4.4% - 10%) is vastly different from periods of severe inflation ( >10%). * The SECURE Act 2.0 has passed the

Executive Summary * Inflation expectations are sticky business in the world of economics. In the world of common sense, they are more straightforward. * Interest rates are expected to go higher, tapering is beginning, and fiscal stimulus appears to have come to an end. This should help to pull back inflation. * Duration/

Executive Summary * Stock concentration in the S&P 500 is leading us to make changes in how we allocate between passive and active management. * Supply chain delivery times are a good indicator of the path of inflation; businesses are taking notice and expressing lengthened expectations on normalization of their

Executive Summary * Despite all the turmoil markets ended 2020 substantially above the intra-year lows. * It is easy to conflate politics and market performance in our minds. The reality is far more mundane with positive market performance no matter the political leadership scenario. Fiscal and monetary stimulus does influence the markets,

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Executive Summary * Markets have rebounded significantly though there remains a great deal of uncertainty in the economic environment. * Recovery expectations are tempered as reopening policies are being paused and reversed by a number of state and local governments. * The good, the bad, and the Fed as it pertains to current