Graves Light Lenhart November ’22 Market Commentary
Positive price momentum continued through November, with markets rallying on better than
expected inflation data.
Positive price momentum continued through November, with markets rallying on better than
expected inflation data.
Markets rallied strongly during October, driven in part by a new policy “pivot” narrative which revolved around the potential slowdown in the pace of rate hikes being implemented by the Federal Reserve (Fed).
The most recent quarter (September-end) witnessed losses across asset classes and, therefore, client accounts. In our previous quarterly newsletter (June-end), we wrote that “there was no place to hide”, which, unfortunately, succinctly summed up the latest quarterly experience as well.
Markets entered August in rebound mode but reversed course to end the month in negative territory after a hawkish Federal Reserve (Fed) weighed on performance.
July provided relief across many asset classes as a sizable late month bounce, in large part triggered by the market’s view for potential slowing in the pace of future rate hikes by the Federal Reserve (Fed).
Markets roundtripped during May as key benchmarks flirted with “bear market” territory –defined as any peak-to-trough drawdown of 20% or more – with most market segments clawing back to close out the month broadly unchanged.
New Year optimism quickly turned to caution as the major U.S. stock indices ran into trouble.
This newsletter contains an update on the market and a timeline of events for November 2021.