Monthly Market Update - February 2023

Stock and bond markets raced higher in January, ignoring the adage “don’t fight the Fed.” Despite the Fed’s resolve to continue hiking the fed funds rate towards five percent, the fixed income markets continued to push yields lower across intermediate and long-term maturities, with the five-year Treasury yield falling 50 basis points and the ten-year yield falling nearly 50 basis points during the month. Intermediate and long-term rates finished January almost a full percentage point lower from their October peaks, indicating the bond market believes the economy is at a turning point despite Chairman Powell’s continued hawkish rhetoric.

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Reinhart Week in Review by Madison Investments 2.3.2023

In this Week in Review the Fed’s 25 basis point raise and the European Central Bank’s 50 basis point increase, January’s employment results, and more. Read it all here.

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2022 Year-End U.S. Equity Letter from Haruki Toyama

The U.S. stock market suffered one of the worst annual losses in its history, with the S&P 500, Russell Midcap, and Russell 2000 declining -18.11, -17.32%, and -20.44%, respectively. Headlines point to many culprits, but higher interest rates dominate the conversation. We’ve had four decades of declining interest rates; it’s no coincidence that with rates rising sharply this past year, the S&P 500 Index had its third worst year in the past 40 years.

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Reinhart Fixed Income Week in Review by Madison Investments 1.27.23

What this month’s GDP number really tells us, the latest indicator of the Fed’s progress on controlling inflation, and more in this Week in Review.

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Reinhart Fixed Income Week in Review by Madison Investments 1.20.23

This week Reinhart’s Fixed Income team look at the inflation story in Europe, the United States hitting its debt ceiling and other noteworthy news. Read their Week in Review here.

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Reinhart Fixed Income Week in Review by Madison Investments 1.13.23

In this Week in Review the Reinhart Fixed Income team looks at what December's CPI report might mean for Fed action and the proposed budget by California Governor, Gavin Newsome. Read all this week's commentary here.

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Madison Client Communication | 4Q 2022

After a challenging first three quarters, markets rebounded in the fourth quarter, with the S&P 500 Index rising 7.6% and the Bloomberg Aggregate Bond Index rising 1.9%. For the year, the S&P 500 fell 18.1% and the Bloomberg Aggregate Bond Index fell 13.0%. In 2022, there was no shortage of headwinds to both equity and fixed income markets – high inflation, higher interest rates, a war in Ukraine, China lockdowns, and supply chain issues. Looking ahead to 2023, uncertainty is likely to persist, and whether or not we get clarity on some or all of these factors, navigating the volatility will again call for an eye on all portfolio risks.

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Monthly Market Update - January 2023

The fourth quarter of 2022 continued some of the major trends of the year: volatility, unpredictability, and the primacy of Federal Reserve action. Following a surprisingly robust rally in October and November, the S&P 500® Index dropped -5.8% in December to finish the quarter up 7.6% and the annual period down -18.1%. The year was marked by the sharpest increases in interest rates by the Fed in history as it fought to dampen demand and repress persistent inflation.

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