
THIRD QUARTER 2022 INVESTMENT COMMENTARY MARKET RECAP After a very difficult first half of the year, equity markets rebounded in July and August on investor hopes of an easing in inflation and a Fed pivot or pause. The reprieve was short-lived however, as stocks hit fresh lows in late September amid further aggressive central bank rate hikes and statements of further tightening to come.Global stocks (MSCI ACWI Index) fell 6.82% for the quarter and are down 25.63% for the year. The S&P 5
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