October was a great month, with U.S. markets doing well and international markets doing even better. This positive news was surprising, given the impeachment inquiry, weak job growth, and declining business confidence. Still, major sectors of the economy remain strong. Consumers continue to earn and spend more. Plus, the Fed has gotten behind the markets with rate cuts at its last two meetings. But is there volatility ahead? Watch my latest Market Thoughts video to learn more.

September was a pretty good month, with U.S., international, and emerging markets all up. These results were surprising given the month’s events, including a drone strike on a Saudi oil complex and the impeachment inquiry of President Trump. Still, the fundamentals remained solid. New and existing home sales went up. We also saw strong personal income growth, leading to strong retail sales growth.

August was a tough month for markets, with fixed income the only bright spot. There was a lot of volatility, with markets down between 4 percent and 6 percent on three occasions. What drove the declines? Politics. The U.S.-China trade war heated up, and the Fed and the White House sparred over rates. Still, the economy remained solid—with consumer confidence high and strong job growth.

July was a mixed month, with some good news and some bad. U.S. markets rose and fixed income went up, but emerging markets pulled back. In the U.S., second-quarter growth beat expectations, buoyed by the consumer. People were willing and able to spend, a trend that is likely to continue. Earnings also went up, another positive surprise. Still, risks remain, including the threat of Brexit under Prime Minister Boris Johnson.

June was a great month for markets around the world, capping off a strong second quarter. With so many worries about slowing growth, earnings, geopolitics, and trade, why are we seeing such strength? The Fed’s more dovish comments at the June meeting had a lot to do with pushing markets up. Plus, the economic data—from retail sales to housing—is solid. For all the worry, things are actually pretty good.

May was a tough month, with U.S. and international markets down. At the same time, last month’s decline could be considered modest, and it was not based on fundamentals. Instead, it was all about confidence, which was rattled by a reignited trade war with China and proposed tariffs on Mexico. Still, there was some good news. Consumer spending picked back up, and job growth remained strong.

April was another great month for the financial markets, as U.S., emerging, and developed markets were all in the green. Although there were concerns about a slowdown at the end of last month, first-quarter economic growth actually came in well above expectations. Plus, consumer spending picked up, consumer confidence bounced back, and business investment came in stronger than expected.

March was another great month for the financial markets, with U.S., emerging, and developed markets all up. But this strength was a bit strange, considering the weakening seen in the fundamentals. Here in the U.S., both consumer and business confidence took a hit, the yield curve inversion caused many to worry about a pending recession, and analysts lowered their expectations regarding corporate earnings.

February was another good month, with U.S. markets, developed markets, and fixed income showing gains. Still, the housing market continued its slowdown, and business investment softened. We also saw a terrible retail spending report. But the market was able to bounce back from the lows seen at the close of 2018, buoyed by the end of the government shutdown.

January was a great month for the financial markets. Despite the government shutdown, signs of an economic slowdown, and dropping consumer and business confidence, U.S. and international markets were up. Plus, job and wage growth were strong, and companies made more money than expected. With the fundamentals solid, even the Fed hit pause on interest rate increases.