Summer 2023 Investment Commentary

The first half of 2023 has concluded, and it is one for the record books. Despite seemingly countless reasons to be wary of the markets – regional banks collapsing, core inflation (excluding food and energy) stubbornly remaining above or near 5% and a debt-ceiling resolution being pushed to the 11th hour– the S&P 500 climbed over 16% on a total return basis to start the first half of the year.