Are We in a Bubble?

Despite a wall of worry, stocks continued their upward climb in the 3rd quarter and the S&P 500 has returned over 14% for the year despite being down by 15% in early April. This recovery has been one of the strongest and fastest on record. As a result, many investors are now worrying if this is too much of a good thing. Despite the worries, the economy has been resilient, jobs are slowing but not plummeting, and inflation continues to cool despite tariffs. The Fed began lowering rates again in September and that backdrop is typically a tailwind for risk asset. Click HERE to read more of our third quarter newsletter.