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Headwinds looming as the Fed begins fighting inflation; Russia and China loom as stability threats; Congressional majorities likely to change in November

Bond yields may rise significantly during 2022 but equities will likely remain the best game in town for investors seeking long term returns that outpace inflation’s impact on purchasing power.

Wringing inflation from the economy can be like ripping the band-aid off a wound if approached with history in mind: It will hurt but hopefully not for long.  Whether the Fed pursues more aggressive inflation cures remains to be seen. 

Global equity markets turned lower in November after a positive beginning.

By month’s end, most US broad equity benchmarks had touched new all-time highs more than once with the exception of indexes tracking small capitalization companies.

Volatility increased dramatically after several months of lackluster activity. This year, September lived up to its historical reputation as the worst month for equities.

On September 28th, Treasury Secretary Janet Yellen informed Congress that the government will be unable to pay all of its bills if Congress does not raise the debt ceiling by October 18th.

Prices are so high that some buyers are backing off, but demand remains strong and will outstrip housing supply for the foreseeable future.