August 10, 2022Topics shared in this publication are:U.S. inflation fell in July from the highest in four decades as measured by the consumer prices index (CPI). Headline CPI fell to a still-high 8.5% from its cycle peak of 9.1%y/y, driven by higher energy prices. Core CPI (ex-food and energy) measured 5.9%y/y, still below its peak from March 2021.The Fed’s preferred index, the personal consumption expenditures (PCE) price index, moved up to 6.8% in June.
August 5, 2022Topics shared in this publication are:Job growth surged in July, pointing to ongoing momentum in the labor market.Businesses indicate demand for labor remains strong but may be plateauing, with job openings having declined relative to the start of the year.Labor force participation has stalled in recent months, bringing back the upside risk for wages that prevailed for most of 2021.On a three-month annualized basis, wage growth in July 2022 moved up to 5.2% (from 4.
February 25, 2022—The Russian invasion of Ukraine this week put an end to months of speculation and brought the crisis to a new phase. As we wrote earlier this week, our investment committee elected to maintain our portfolio positioning. We believe the critical considerations for investors is whether the Russia-Ukraine conflict derails the otherwise optimistic global economic outlook by way of high energy prices (which could sap spending power) or by way of inflation.