Market Commentary - July 2021

Further Covid-variant complications and/or vaccine-related consequences and other related potentially market-moving news combined with pre-existing supply chain shortages and elevated money supply growth set the stage for significant economic disruptions as we evaluate risks and opportunities in the back half of 2021 and early 2022. Above-trend money supply growth/inflation combined with historically steep broad-market equity valuation metrics continue to warrant caution in our view. We believe a prudent response to current circumstances centers around a focus on long-term financial planning objectives while reviewing asset allocations to affirm that both polarized risks are properly taken into consideration and balanced in portfolios.

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