Quarterly Market Commentary

Over the first quarter of 2026, markets moved through periods of both optimism and concern.

Over the past quarter, markets moved higher overall, along with amoderate increase in volatility.

The year 2025 has been characterized by uncertainty, primarily due to ongoing tariff talks.

The second quarter brought its share of market volatility, with markets taking a breather after a strong two-year run.

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For all the concerns over the election and inflation, the markets and the economy performed better than expected by the time the ball dropped in Times Square.

At the close of the third quarter, we also find the markets flourishing with the 3 main indices trading at or near all high time highs.

The resiliency of the economy is still front and center of the economic conversation.

There’s a lot of debate over when the Federal Reserve will cut interest rates and if we will have a recession at all.