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Posts by Megan Kalafut

Fixed Income Yields

Monthly Economic News

INVESTMENT COMMITTEE COMMENTARY October 2022 October saw stocks close higher, the first monthly gains since July. The S&P 500 rose 8.1% and foreign developed equities gained 5.5%. However, emerging market equities fell 4.0%, in part, due to the Chinese Communist Party granting President Xi Jinping a third five-year term as president and general secretary. This…

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Looking Forward

Monthly Economic News

INVESTMENT COMMITTEE COMMENTARY September 2022 Inflation remains stubbornly high but there are signs the rate of increase is peaking. Supply chain problems are being resolved, inventories are building, and slower economic growth is weakening demand pressures. The price of crude oil is down more than 30% from the June high and several key commodity prices have returned…

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Late Economic Cycle Commentary

Monthly Economic News

INVESTMENT COMMITTEE COMMENTARY August 2022 Inflation remains high and the Federal Reserve (Fed) knows U.S. money supply growth, which surged a historic 25% between 2020-2021, must be curbed further if inflation is to moderate. Fed Chair Jerome Powell announced an increase in short-term interest rates of 0.75% in July and commented the Fed was committed…

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The Recession Debate and Some Rays of Hope

Monthly Economic News

INVESTMENT COMMITTEE COMMENTARY July 2022 A welcome relief rally brought positive performance to most equity and fixed income asset classes in July. The S&P 500 and foreign developed equities gained 9.2% and 5.0%, respectively. Emerging market (EM) equities declined 0.8% with lingering issues in China, a rising U.S. dollar and falling capital inflows to EM…

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Mid-Year Commentary

Monthly Economic News

INVESTMENT COMMITTEE COMMENTARY June 2022 In June, CPI inflation rose by 1% to 8.5%, its highest level since 1981. Inflation expectations of consumers, measured by the University of Michigan, rose to a 14-year high. The Reuters/University of Michigan Consumer Sentiment Index dropped to its lowest level since 1980. Falling consumer sentiment contributed to plunging market…

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The Risk of Being Out of the Market

Monthly Economic News

INVESTMENT COMMITTEE COMMENTARY May 2022 Bearish sentiment seemed to diminish in May. A late month surge in stock performance was a welcome change after weeks of market drawdowns on continuing worries of inflation, rising interest rates and the war in Ukraine. It is too soon to conclude that the 2022 market decline has reached a…

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JMG Announces Promotion to Executive Committee

Firm News

We’re pleased to announce that Kate Kammes has been promoted to Chief Talent Officer. “I have spent my career working with people to help them learn and grow, and when I came to JMG I knew I was part of something special. I feel incredibly blessed to be surrounded by a team of talented people…

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Intra-Year Market Declines and Recoveries

Monthly Economic News

INVESTMENT COMMITTEE COMMENTARY April 2022 Equity and fixed income asset classes declined in April.  Rising interest rates and inflation, the war in Ukraine, and COVID lockdowns in China all created uncertainty, resulting in weakness in the equity and fixed income markets. During the month, the yield on 10-year Treasuries rose from 2.33% to 2.89%.  The…

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Thoughts on the First Quarter

Monthly Economic News

INVESTMENT COMMITTEE COMMENTARY March 2022 Inflation, interest rates, oil prices and the war in Ukraine continued to impact the investment markets in March. While progress in the U.S. with COVID-19 continues, the pandemic is not fully behind us as companies figure out how and when to bring employees back to their offices. The most recent…

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Thoughts on Ukraine

Monthly Economic News

INVESTMENT COMMITTEE COMMENTARY February 2021 There is no downplaying the human suffering caused by Russia’s invasion of Ukraine. Our thoughts and prayers are with the people of Ukraine and those with family and friends that may be in harm’s way.  The outcome remains uncertain. That said, we will attempt to address the implications from an investment perspective. Inflation…

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