The S&P 500 Index rallied 3.68% last week on both light trading volumes and light economic data, erasing much of the prior week’s losses2. Investment-grade bonds once again suffered, with the Bloomberg Aggregate Bond Index down 0.70%2.

The ISM Services Index showed strength in August, exceeding expectations and unexpectedly increasing month on month1. Initial jobless claims came in lower than expected, indicating continued tight labor markets1.

In the week ahead, market participants will be keenly following the Consumer and Producer Price indices as well as Retail Sales data for clues as to how aggressive the Fed might continue to be in its attempt to tame inflation during the last few months of 2022. We suspect the data will start to show some easing in inflation pressures as prior Fed hikes begin to slow the economy, but we do not expect sufficient evidence for the Fed to change its hawkish policies for the foreseeable future. Investors should expect continued volatility as a result. We remain committed to patience, balance and discipline in managing our investment strategies in this uncertain environment. 

Thank you for your confidence in our team,

Asset Management Department

Sequoia Financial Group

Sources:  1.  Bloomberg/Bloomberg News, 2. Morningstar Direct

The views expressed represent the opinion of Sequoia Financial Group. The views are subject to change and are not intended as a forecast or guarantee of future results. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Stated information is derived from proprietary and nonproprietary sources that have not been independently verified for accuracy or completeness. While Sequoia believes the information to be accurate and reliable, we do not claim or have responsibility for its completeness, accuracy, or reliability. Statements of future expectations, estimates, projections, and other forward-looking statements are based on available information and Sequoia’s view as of the time of these statements. Accordingly, such statements are inherently speculative as they are based on assumptions that may involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those expressed or implied in such statements. Investing in equity securities involves risks, including the potential loss of principal. While equities may offer the potential for greater long-term growth than most debt securities, they generally have higher volatility. Past performance is not an indication of future results. Investment advisory services offered through Sequoia Financial Advisors, LLC, an SEC Registered Investment Advisor. Registration as an investment advisor does not imply a certain level of skill or training.

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Investment advisory services offered through Sequoia Financial Advisors, LLC, an SEC Registered Investment Advisor. Registration as an investment advisor does not imply a certain level of skill or training.

Looking for Fed Cues in This Week’s Data | Sequoia Financial Group

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