Economic and Market Overview

An Impressive Year, A Rewarding Decade
In the classic historical novel written by Charles Dickens, “A Tale of Two Cities,” there is an oft quoted line that begins by stating, “It was the best of times, it was the worst of times.” This sentiment is an apt description of the decade that ended with the close of 2019.

Fixed Income Commentary

It’s All About the Fed
In 2019, the Federal Reserve (Fed) cut interest rates three times to the current upper bound of 1.75%. Bond yields across all maturities fell as this transpired.

Equity Commentary

What a Difference a Year Makes
Equity returns surprised throughout 2019. For the fourth quarter, domestic equities advanced 9.1%, while foreign equities rose 8.9%, an obvious difference from the prior year.