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2025 was a very volatile year, initially focused on Donald Trump’s tariff wars, and later manipulated by his interference in tech stocks and attempts to influence Fed policy.

During the 3rd quarter of 2025, global equity markets continued their strong rebound from the April lows, however this was driven by a narrow group of Artificial Intelligence (AI) related stocks and a flurry of technology announcements by the Trump Administration.

The 2nd quarter of 2025 was one of the most volatile in recent memory for both global equity and fixed income markets.

The 1st quarter of 2025 saw unprecedented U.S. government domestic and international policy actions resulting in chaos and disbelief worldwide.

Our view last year of a “goldilocks” scenario, where disinflation occurs within a growing economy while central banks cut interest rates, panned out.

The 3rd quarter of 2024 saw increased volatility in both equity and fixed income markets globally as economic and inflation data continued to send contradictory signals as to when and by how much central banks would start cutting interest rates.

The 2nd quarter of 2024 saw much volatility in both equity and fixed income markets globally, as economic and  inflation data were mixed and created uncertainty as to when central banks would start cutting interest rates.

The 1st quarter of 2024 saw a continuation of the rebound in global equity markets that began in the last two months of 2023, however North American bond markets reversed course ending the quarter in negative territory due to stickier inflation and a delay in central bank interest rate cuts.

2023 was another volatile year for both Equity and Fixed Income markets, as investor sentiment swung from deep pessimism about stagflation and recessionary fears to euphoria that central banks might start aggressively cutting rates as soon as March 2024.

The 3rd quarter of 2023 was another volatile one for both global stocks and bonds.

The 2nd quarter of 2023 was again marked by volatility in both global stock and bond markets as investors tried to digest hawkish comments and renewed rate hikes by central banks in the face of declining but persistent inflation and a slowing global economy.

The 1st quarter of 2023 was marked by continued extreme volatility in both global stock and bond markets. After a sharp correction in 2022, most world equity indices rebounded strongly.