ARX 3Q Market Commentary

We enter the 4th Quarter of 2019 after a tumultuous year in the markets and geopolitical arenas. Last October, we highlighted the impact of two years of monetary tightening on various asset classes, which resulted in an ugly October for stocks before an absolute meltdown in December after the Fed’s final rate hike of the cycle. The Fed, which has historically operated free of political influence, caved to an onslaught of pressure from President Trump and market pundits in January – the “Powell Pivot”, whereby the Fed abruptly abandoned its tightening bias and began telegraphing the rate cuts that commenced in July.

 

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ARX Market Commentary – 3Q2019

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