Small/Mid Cap Portfolio - October 2022

Stocks rebounded nicely in October after a particularly sloppy September. Most of the gains came in the last two weeks of the month, as investors became increasingly hopeful once again that the Fed might be nearing the end of this aggressive phase of its monetary policy, and reports surfaced that the Fed was debating how to slow down the pace of their rate hikes. In addition, there was growing evidence that the Fed’s rate hikes, executed at the fastest pace in history, were starting to have a meaningful impact on overall economic growth.