MARKET PERSPECTIVE — Although North American equity indices have steadily climbed year-to-date, index performance hides much of the choppiness that lies beneath its surface. Last quarter, we cautioned investors about the risks of normalizing economic growth & above-average inflation, and are now beginning to see softness appear in broad-based economic data. Market jitters last quarter surrounding Evergrande, global supply chain bottlenecks, the Central Bank’s dilemma and multiple spending bills on the desk of US Congress, have all added to the level of implied volatility in the financial markets.
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