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Posts by Megan Kalafut

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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Navigating Volatile Markets

Monthly Economic News

INVESTMENT COMMITTEE COMMENTARY January 2022 After a strong 2021, equities opened the year with negative performance. Besides ongoing COVID-19 concerns, investors worried about impending interest rate hikes and asset purchase tapering by the Federal Reserve (Fed). Following the Fed’s two-day policy meeting that concluded on January 26th, Chairman Powell issued a statement indicating policy reversals…

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2021 Year in Review

Monthly Economic News

INVESTMENT COMMITTEE COMMENTARY December 2021 Equity asset classes rose in December, rebounding after market declines in late November. Markets reacted positively to early medical indications on the COVID Omicron variant. Individuals infected by Omicron have about a 20% reduced risk of needing any hospital care and a 40% lower risk of an overnight hospital stay,…

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The Role of Fixed Income in Rising Interest Rate Periods

Monthly Economic News

INVESTMENT COMMITTEE COMMENTARY NOVEMBER 2021 Equity assets classes fell in November with the majority of the declines occurring in the last week of the month.  Markets moved lower on the identification of a new coronavirus variant, Omicron, and investor uncertainty over its potential effects.  In addition, the Federal Reserve (Fed) announced early in November intentions…

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