April 2023
The Storm Before the Calm?
“It's in vain to recall the past, unless it works some influence upon the present.”
– Charles Dickens (David Copperfield)
Having shifted from recession fear in January to overheating worry in February, the market has had to shift focus sharply again to contend with banking stress and credit crunch fears in March. Add endless Fed policy debate into the equation and to say the year has started out in dramatic fashion would be an understatement. Yet, stocks have managed marginal gains, and equity market volatility metrics are down. What gives?