Tactical ETF 2Q22 Market Review & Outlook

July 14, 2022 — Looking into the back half, equities face elevated downside risks, including a high probability of a recession; the Fed continuing to hike aggressively the next few meetings; and a lot of uncertainty, including the war in Ukraine and the possibility of another Covid wave. It would be easy to focus on these negatives and extrapolate deeper negative returns, but we also see a couple of positive elements vs. the first half.