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U.S. equity markets rallied in the fourth quarter, rising
7.2% (Russell 3000) on moderating inflation. The
Consumer Price Index (CPI) peaked in June and has
seen steady improvement since.
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International equities rose to a greater extent, posting a
14.3% gain over the quarter (MSCI ACWI ex U.S.).
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The broad U.S. fixed income market showed some
improvement, up 1.9% (Bloomberg Barclays Aggregate).
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Despite cooling economic growth, the U.S. labor market
remained tight during the quarter with unemployment at
3.5% in December.
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The Federal Reserve raised interest rates 125 basis
points during the fourth quarter. Additionally, the Fed
expects further rate hikes in 2023 to combat inflation.
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