2nd Quarter 2026
Key takeaways
► Strong first half of the year
► Inflation remains sticky
► Consumers strained
► Earnings expectations may be too optimistic
► Lots to worry about this summer
1st Quarter 2026
Key takeaways
► Shaky start
► Stocks and bonds fall
► Any Fed cuts this year?
► Stagflation?
► Stay the course through chaos
4th Quarter 2025
Key takeaways
► Third year of double-digit returns for stocks
► Most fears did not play out
► A.I. dominated again
► Fed cut three times
► Stock rally broadening out
► Staying the course in 2026
3rd Quarter 2025
Key takeaways
► Stocks at records
► Market broadening out
► But stocks are pricey
► Fed fighting two risks: inflation and unemployment
► Lower rates will support the market
► Reduced expectations next year
2nd Quarter 2025
Key takeaways
► Stocks survive “Tariff Tantrum”
► Yes, No, Maybe on Tariffs
► Oil takes center stage
► Inflation still lingers
► Focus on the “big, beautiful bill”
1st Quarter 2025
Key takeaways
► Stocks down. Bonds up.
► Policy uncertainty dings confidence
► Inflation remains sticky
► Consumer sentiment sags
► Diversification is key
4th Quarter 2024
Key takeaways
► Another excellent year for stocks
► Inflation remains stuck
► Beware Trump’s policies
► First quarter may be bumpy
► American exceptionalism will prevail
3rd Quarter 2024
Key takeaways
► Another excellent quarter for stocks
► Small and international stocks shoot up
► Inflation moderating
► Rate cuts support risk assets
► The election looms
2nd Quarter 2024
Key takeaways
► Stock market steadily rises
► Inflation receding (very slowly)
► Labor market softening (very slowly)
► One Fed rate cut (maybe two?)
► It’s all about the election hereon
Summer 2024 Outlook
As we step into the summer of 2024, it’s essential to assess the current state of the stock and bond markets.