Commonwealth

After two years of explosive growth, investments incorporating environmental, social, and governance (ESG) criteria endured a challenging market environment throughout 2022. The combination of elevated inflationary pressures, geopolitical tensions, and an energy crisis following Russia’s invasion of Ukraine precipitated a challenging backdrop for sustainable investments. Furthermore, skepticism in the U.S. around the efficacy of ESG—due to greenwashing and heightened politicization—slowed the pace of progress compared to that experienced in 2020 and 2021. But as investors turn the page on a volatile 2022, what does the path forward for ESG investments look like?

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Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead. 

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I have gotten more than the usual number of worried emails, texts, and calls recently—not only from Commonwealth advisors, driven by the concerns of their clients, but from my clients as well. While I understand most of what’s behind those worries—the debt ceiling, at the moment—what is interesting is that last year, during the bear market, I heard much less in the way of worry. It’s not that people weren’t concerned, but there wasn’t the level of immediate fear that I am hearing right now.

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As of today, the U.S. has borrowed as much as it legally can and will be prohibited from borrowing any more. Or, in the language of the headlines, we have hit the debt ceiling. The new Congress has failed to pass a law allowing the Treasury to borrow the money to make payments that previous Congresses have required the Treasury to make. The Treasury will therefore have to use cash on hand right now, as well as any inflows, to pay the outstanding bills for as long as it can—until the money runs out.

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My colleague Sam Millette, manager, fixed income on Commonwealth’s Investment Management and Research team, helped me put together this month’s Market Risk Update. Thanks for the assist, Sam! Let’s take a closer look.

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Each week, we break down the latest U.S. economic reports, including what the results mean for the overall health of the economy. Here, you will find how economists’ forecasts compare with actual results, key takeaways to consider, as well as a list of what’s on tap for the week ahead. 

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