Insights & Education

The beginning of the 4th quarter has proven to be challenging for markets as the government shut down continues to halt economic data releases.  Despite the shutdown, the Federal Reserve moved rates lower again in October, bringing the federal funds rate to 3.75%-4%. Interest rates moved only slightly as the move was mostly anticipated.   Risk markets continued to defy gravity, driven by euphoria in the AI space, and solid earnings from some of the “mega caps”.

August brought solid performance in both equity and fixed income markets as a few macro themes unfolded. With a much lower than expected monthly figure, plus significant revisions to prior months, the employment data went from robust to slowing. Yields dropped and stocks rallied as markets anticipated future rate cuts from the Federal Reserve Bank at their upcoming September meeting and potentially beyond.

May was marked by a strong rebound in U.S. markets, as easing trade tensions and resilient economic indicators boosted investor sentiment. Early in the month, the U.S. and China agreed to de-escalate their trade war – including a 90-day suspension of planned tariffs – which proved to be a major catalyst for risk assets.

April 2025 was a month marked by significant economic turbulence and market volatility.

March 2025 marked a volatile month across global markets. Investors faced heightened uncertainty

February brought heightened volatility in risk markets; US treasuries and high-grade bonds benefited in a shift towards safety.

After another year of stellar returns for risk assets, December and the year of "AI" came quietly to a close.

Piton September Market Review September officially kicked off the beginning of a Federal Reserve "easing cycle." A more assertive 50...

Piton July Market Review The third quarter started with significant momentum. July brought pivotal economic and inflation data, major...

Piton June Market Review June rounded out an excellent quarter for risk assets as momentum continued to fuel the equity markets. Bond...

Piton May Market Review Despite mixed macroeconomic signals last month, broad markets delivered positive total returns for investors....

Stocks, bonds, and various commodities experienced prices increases in March.