2014 4th Quarter Commentary
During the quarter, equity markets experienced higher volatility. After retreating almost to its January starting point in the first two weeks of the quarter, the S&P 500 abruptly changed course and rallied 10.5% to end the year at 2,058, nearly an all-time high. Volatility seems to be back up to levels we have not experienced for a few years. Commodities, including oil, experienced a significant correction, which should ease the inflationary pressures that the Federal Reserve has been watching closely. Although not robust, U.S. economic growth continues to be stronger than that of most of the world. We continue to position portfolios for modest economic growth, although we expect volatility to remain elevated as the Federal Reserve shifts its position from providing unprecedented levels of support to instead looking to raise interest rates from current low levels.
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