ACG’s Capital Markets Review

Equities were under continued pressure in September as investors digested continued interest rate increases and an increasingly hawkish Federal Reserve.

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ACG Market Review – Q3 2022

The Federal Reserve was slow to raise rates earlier in 2022 when the consensus view was that inflation was more “transitory.” But, as inflation remained stubbornly elevated, the Fed increased the pace and magnitude of rate hikes.

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ACG’s Capital Markets Review

Equities staged an abrupt reversal in mid-August and finished down for the month. The S&P 500 started the month on a strong note, with the index rallying above the 4300 level by mid-month, but quickly retreated below the 4000 level to end August. The early month rally focused on the narrative of peak inflation and a potentially less hawkish Federal Reserve. By late August, however, fears of the recent rally being a bear market bounce got more traction and eventually won out.

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ACG’s Capital Markets Review

U.S equites were down in June, with the S&P 500 posting its second-worst monthly performance of the year and moving the index deeper into bear market territory. Hotter-than-expected inflation and the Federal Reserve response in addition to recession worries remained the core narrative and resulted in a board risk-off atmosphere for the month.

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ACG’s Capital Markets Review

U.S. equities ended the month of May essentially unchanged. The final tally, however, masked a great deal of intra-month volatility. The S&P 500 initially fell an additional 8% vs. the prior month end and hit an intra-day low on May 20th that stood (at least for a few minutes) just below the bear market threshold of a 20% peak-to-trough loss. At that point, the market rallied sharply over the next few sessions to close the month nearly flat.

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