Your Money
Last week closed the books on the first half of 2023. The headliner: it was a strong start. Though gains so far may have flown under the radar for some, as the scars of 2022 may still need to heal fully. At the midway point last year, stocks were down -20%, and bonds had lost -10%, on their way to full-year returns of -18% and -13%, respectively.
Fortunately, the first half of 2023 has been more rewarding, helped by a more favorable outlook for Fed policy and inflation data and a surprisingly resilient economy. Average market gains have been healthy, but trends are playing out under the surface that highlight the unique drivers of that performance, like the extreme concentration of companies driving those gains.
On the fixed-income side, bond prices fell during the quarter as hopes of a Fed rate cut faded.
- Broad Market (S&P 500): +8.7% 2Q | +19.6% last 12 months
- Small Companies (Russell 2000): +5.2% 2Q | +12.3% last 12 months
- International Stocks (EAFE): +3.2% 2Q | +19.4% last 12 months
- Emerging Markets (MSCI EM): +1.0 2Q | +2.2% last 12 months
- Bonds (Barclays Agg): -0.8% 2Q | +2.1% last 12 months
Personal video statements will begin going out next week.
Have a fun and safe 4th of July!
Midyear Performance Check
by Craig Fehr
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