MacNicol’s Monthly Commentary – May 2022

With this commentary, we plan to communicate with you every month about our thoughts on the markets, some snapshots of metrics, a section on behavioural investing and finally an update on MacNicol & Associates Asset Management (MAAM). We hope you enjoy this information, and it allows you to better understand what we see going on in the marketplace.

“You miss 100% of the shots you don’t take.”
– Wayne Gretzky


Shoot…that didn’t work…

Two Wednesdays ago, I was in my office juggling calls, calculations and compliance. It was a pretty normal day in that sense with one notable exception. US Fed Chair Jerome Powell was expected to increase the Fed funds rate by 50 basis points, the first-rate hike of that size in several years. Powell is the man who famously said that he wasn’t even thinking about thinking about inflation barely 24-months ago (on July 20th) and that the economy would require accommodative monetary policy for an extended period of time. A transition from monetary accommodation to monetary restraint was considered big news, but the even bigger news was the rumor that future rate hikes could be even bigger. Networks such as CNBC and Bloomberg brought out heavy hitting guests like Harvard super economist Ken Rogoff and American hedge fund titan Paul Tudor Jones for their views. Others “celebrity” guests followed but their messages were largely the same.


Run for the hills!!!


Click the link below to download the full commentary…

Click here: The Monthly May 2022