Market Commentary | Apr 03, 2023
1Q2023 Market Commentary: The Confidence War
Michael J. Aroesty
"Confidence thrives on honesty, on honor, on the sacredness of obligation, on faithful protection and on unselfish performance. Without them, it cannot live." - Franklin Delano Roosevelt
Confidence serves as the very foundation of our economic, political, and social institutions. As human beings, we must be confident that we can address the ever-evolving issues in our education, healthcare, and social systems. Recently, as consumers, we must trust that the Federal Reserve has the tools, the experience, and the resolve to eradicate inflation. As American citizens, we must believe that our elected officials share a commitment to face and solve the country's spending and debt liabilities - and to avert a catastrophic default. While our fragile confidence in these institutions has been under constant questioning since the formation of our union, the solvency of the banking system has reintroduced its own crisis in confidence.
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Michael J. Aroesty