Investment Commentary


Macroeconomic Outlook: From Delta to Data to Politics, Noisy Quarter Rattles Markets

Despite the Noise, We Continue To Trust in America's Resilience

In the third quarter, capital markets contended with the prolonged COVID-19  pandemic, weakening or ambiguous economic data, global turmoil related to events in Afghanistan, China and other regions, US politics, the Federal Reserve, inflation, interest rates, and extreme weather systems. That is a lot!

In these uncertain times, it’s very hard  to track all the moving parts and even harder to stay above the short-term  fray to focus on the big picture. Our November 2021 Macroeconomic Outlook  aims to make sense of all the noise in a still-strong and resilient market environment.


Key Takeaways

  • We must be prepared for noise in the capital markets as governments, companies and individuals work to find their footing in the wake of the pandemic.
  • Healthy corporate earnings and flat price-to-earnings ratios are a foundation for robust markets and GDP growth rolling into next year.
  • A post-pandemic environment with reasonably low interest rates, a normalized supply chain and consumers who are in a very good financial position could provide a very favorable environment for a continuation of the economic and investment trends of the past few months.

 

READ THE OUTLOOK

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Pitcairn is a true family office and leader in helping families navigate the challenges and opportunities created by the interplay of family and financial dynamics. Through Wealth Momentum®, an experience-based family office model, Pitcairn helps families achieve a more effective and complete experience. Since its inception, Pitcairn has partnered with some of the world’s wealthiest families to meet their needs and drive better outcomes – year to year, decade to decade, generation to generation. Today, Pitcairn is recognized as an innovator, guiding families through generational transitions and redefining the industry standard for family offices. The firm is located in Philadelphia, with offices in New York and Washington, DC and a network of resources around the world.