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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.

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.

During 2022, both equity and fixed income markets were at their most volatile since the pandemic outbreak and Global Financial Crisis in 2008-2009.

The 3rd quarter of 2022 was again marked by extreme volatility with both global equity and fixed income markets rebounding sharply in July only to collapse further in August and September.

The 2nd quarter of 2022 was again marked by extreme volatility with both global equity and fixed income markets suffering large declines.