The Oxford English Dictionary defines turbulent as “characterized by conflict, disorder, or confusion; not controlled by calm.” There seems no better description of the first half to 2022 given the crosscurrent of interrelated issues including economic uncertainty, persistent inflation build, Federal Reserve monetary policy, and strife in Ukraine.
2022
With the unfolding Russia/Ukraine war, commencement of the U.S. Federal Reserve’s long expected monetary policy change to hike overnight interest rates, widespread concerns over shortage-induced price increases for energy and food, and further COVID-related lockdowns in China, these conditions have produced a high degree of uncertainty to start 2022 and have caused material adverse financial market conditions along with elevated price volatility.
We would like to commence our first of the year message by offering gratitude and sincere appreciation for our clients during this past year filled with so many unknowns.