“Industry Perspectives” 3Q 2021

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Read our view on the economy and key drivers of change in the global equity markets.

Date Published:
October 2021


The stock market was essentially flat in the 3rd quarter with the S&P 500 rising just 0.58%; bond returns were slightly negative. The quarter started strong as corporate 2Q earnings reports pleased investors, by and large, with near-record numbers of reporting companies beating expectations, thus prompting positive earnings revisions. However, the market sold off hard in September as economic, political, and geopolitical tensions ramped up, impacting both stocks and bonds.

In this latest Industry Perspectives, we discuss:

  • Inflationary fears have gripped the stock markets, which has driven interest rates back up.
  • The Federal Reserve has signaled its willingness to soon taper monthly bond purchases before the end of the year.
  • Congress continues to debate the trillion dollar infrastructure bills, causing the markets to react harshly to the uncertainty.
  • We see the potential for higher equity prices in the near-term but lower overall returns next year compared to the past few abnormally high-return years.

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