DM – Q4 Portfolio Commentary

2022 begins with much to consider – During what’s normally one of the quieter parts of the calendar for market news, the closing weeks of 2021 introduced at least three significant developments for investors to contemplate, each adding nuance to the inflation story that had already come to dominate financial headlines. First came the detection of the “omicron” covid variant in South Africa and its subsequent sprint around the globe; next was the press conference held by US Federal Reserve Chairman, Jay Powell, during which he left little doubt that the days of ultra-easy money in the world’s most important economy will soon be past; and, finally, there was the decision by a swing-vote US Senator to reject the administration’s multi-trillion dollar “Build-Back-Better” stimulus package.

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