On January 27, 2022, UMF investment advisor Jim Lumberg of SouthCol Advisors, LLC, presented the fourth quarter market review, “Focused on the Fed.”

Read the Q4 2021 Investor Letter here.

Segment Time Segment Content
00:00​ – 00:06 Introduction
00:06​ – 01:34 Stock Markets Year to Date 2022
01:34​ – 01:52 S&P 500 Sector Performance
01:52 – 03:12 Domestic vs. International Equities
03:12 – 05:04 S&P 500 Index: Trailing 180 Days
05:04 – 06:56 S&P 500 Max Drowdowns and Calendar Year Returns (%)
06:56 – 07:10 Focused on the Fed (cartoon)
07:10 – 08:38 The Fed’s Influence on the Economy
08:38 – 09:49 Manipulating Short Term Interest Rates
09:49 – 10:22 Short-Term Interest Rate vs. Fed Funds Rate
10:22 – 11:10 Open Market Operations
11:10 – 12:56 Open Market Operations: Ballooning Balance Sheet (trillions)
12:56 – 13:16 Bonds: 10-year Treasury Yield – Trailing 180 Days
13:16 – 14:51 S&P 500 Performance in Fed Rate-Hike Cycles
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