Even “normal” inflation (the average inflation rate is around 3% a year) means that your money will buy less over time.
It’s been two years since we launched Quorum Private Wealth, and we wouldn’t be here without the trust, encouragement, and loyalty of our clients. Which is why we want to update you on all we’ve accomplished in the past two years and share what we're looking forward to next.
A sudden influx of money—the kind that comes from an inheritance, settlement, sale of a business, or similar big money event—can come with emotional strings attached. In fact, large paydays have such an emotional impact that therapists have begun referring to the phenomenon as sudden wealth syndrome.
One of the most common misconceptions about money is that the Federal Reserve (or Fed) simply “sets” interest rates. In reality, the Fed has a dual mandate to keep inflation in check while maintaining a strong labor market.
June saw a further complication of the macro situation as U.S. military involvement in Iran was added to ongoing tariff confusion and a worsening of the economic outlook for the balance of 2025 and into 2026. The month also saw the progress through Congress of the “Big, Beautiful Bill” that will potentially massively increase the deficit and a very public breakup between the richest man in the world and the most powerful one.
May was a month of differing perspectives. Markets turned positive on a belief that a solution on tariffs would be eventually forthcoming, and the continued whipsawing headlines began to have a muted impact. The Fed stuck to its position that more data was needed before a further move on rates. Economic data remained positive, painting the picture of an economy that is still healthy and potentially resilient. Economists and other observers, however, began to tilt somewhat towards a scenario in which challenges begin to arise.
The new administration’s priority of “reindustrializing the U.S.” is coming into focus as tariff announcements - even if softened or rescinded - indicated that this is a policy, not just a campaign plank. Throughout the month, the Department of Government Efficiency (“DOGE”) continued its mandate of shrinking government with a raft of layoffs. Headlines on these two topics led to growing fears that an increasingly pessimistic consumer would stop spending, and that inflation would begin to spike once more. While the market response throughout February was to react with higher volatility, equities largely closed out February with only moderate losses.