After a positive start to the month of August, propelled higher by a strong Jobs Report and lower than expected inflation, markets took a turn for the worse after the release of several pieces of poor housing data and Fed Chair Jay Powell’s speech in Jackson Hole in which he exhibited an overly hawkish tone.

A common struggle many families face is how to approach the “wealth conversation” between generations. As such, the majority of wealth transfers between generations fail due to of a lack of communication. Families simply aren’t talking to each other. Whether the conversation is spouse to spouse, parents to children, or advisors to clients, talking about money, wealth, and estate planning is crucial in setting up success for families.

After a historically difficult start to the year, markets have rebounded in the summer months. While it seems some optimism has returned, the economic picture is evolving rapidly. In this quarterly piece, Pathstone’s Managing Director of Strategy, John Workman, reflects on the macroeconomic picture and what that means for bottom-up portfolio construction.