Q1 2017: Financial Markets Monitor (PDF)
Donald Trump’s pro-growth message spurred a post-election U.S. equity rally. Domestic stocks again outperformed most foreign markets, as the strong U.S. dollar suppressed overseas returns. A post-election sell-off left investment-grade bond returns barely in positive territory for the year. The high-yield market rallied in sympathy with equities.

 

Q4 2016: Financial Markets Monitor (PDF)
A post-Brexit rally has pushed global returns higher. International equities have lagged U.S. for longer time periods. Strong bond returns were supported by weak global growth and a status quo Fed. High-yield bonds have performed well following the 1Q nadir.

 

Q3 2016: Financial Markets Monitor (PDF)
Performance of the U.S. economy is uneven. Investment, manufacturing and international trade are lagging. A confluence of events, including weakness in corporate profits, a struggling energy sector, sagging overseas demand and a strong U.S. dollar have depressed these sectors.

 

Q2 2016: Financial Markets Monitor (PDF)
The U.S. economy continued its plodding pace in Q1. Employment trends remain strong, but consumers are spending grudgingly and the industrial and export sectors are weak.