Quarterly Commentary: September 2022

BRAKING OR BREAKING, WHAT IS THE FED DOING TO THE U.S. ECONOMY?

After a promising start that began with a relief rally, global markets continued their year-to-date declines during
the 3rd quarter as record inflation, geopolitical tensions, lingering effects from the pandemic, and, most
importantly, fears that an aggressive Federal Reserve would push the U.S. economy into recession weighed heavily
on the broader markets.