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March 6, 2023
Global equity markets got off to a too strong start to the year given the macroeconomic and geopolitical risks under which economies are operating. The February market decline probably cleared out some valuation excesses. The lagged effects of synchronized global monetary tightening have yet to be fully reflected, but consumers around the world continue to spend to the extent that a near-term recession is not on the horizon. Inflation may stay sticky under this scenario although disinflationary forces should resume given the impact of rate increases to date on demand and the clearing of supply bottlenecks. The bear market lows in equities have likely been achieved last fall, but meaningful advances in prices from current levels will be largely dependent on clearer signs monetary tightening is near an end. We continue to favor U.S. equities in this slower-growth-but-no-recession scenario and remain cautious on assuming too much duration risk in our fixed-income portfolios.
Please read important disclosures here.
Ben is the Chief Investment Officer and a Partner in the New York office. He leads the firm’s Investment Committee and is a member of...
Christian is a Partner in the Mill Valley office. Prior to joining Cerity Partners, Christian was Chief Investment Officer for Brouwer & Janachowski. He oversaw...
Jim is the firm’s Chief Equity Strategist and a Partner in the New York office. He has over twenty-five years of experience managing investment portfolios...
March 17, 2023 — Silicon Valley Bank broke some cardinal rules of banking…but it doesn’t look like it will spread but the Fed did the right thing...
March 14, 2023 — Are you planning for a jet-set retirement? Or are you already spending part of the year abroad? If so, Cerity Partners can help you navigate the complex world of living in more than one place, so that you’re able to preserve your wealth.
Ben Pace, Christian Thwaites and James Lebenthal
March 13, 2023 — FDIC takes control of Silicon Valley Bank amid concerns over bond portfolio losses and potential systemic risk. The implications for interest rates and the Fed’s tightening cycle as well as the current state of unemployment and inflation remain top of mind.
March 6, 2023 — The global economy continues to avoid a near-term recession, as consumer spending remains strong and the effects of monetary tightening have yet to be fully realized. Opportunity can still be found in the bond and equity markets though equity market advances will be dependent upon progress on inflation and clearer signs the Fed is close to the end of its tightening cycle. Read more in our March 2023 Economic & Market Outlook.
Daniel Park and Cheryl Donaldson
February 17, 2023 — With the passage of the Tax Cuts and Jobs Act of 2017 that eliminated the “marriage penalty” tax brackets, filing a joint federal tax return has mainly become a foregone conclusion for married couples. Under certain circumstances, couples may still opt to file separately. Partner Dan Park and Principal Cheryl Donaldson outline several factors that warrant careful consideration and planning when filing your taxes.
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