Paragon is a portfolio analysis, risk assessment, and goal optimization tool. The Paragon report uses hypothetical examples in conjunction with forecasts for inflation, economic growth, and asset class returns, volatility, and correlation and provides you with general financial planning information and serves as one tool in helping you develop a strategy for pursuing your financial goals. It is not intended to provide specific legal, investment, accounting, tax, or other professional advice. For specific advice on these aspects of your investments, you should consult your professional advisors.

© 2021 M&T Bank Corporation and its subsidiaries. All rights reserved.
Wilmington Trust is a registered service mark used in connection with various fiduciary and non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation including, but not limited to, Manufacturers & Traders Trust Company (M&T Bank), Wilmington Trust Company (WTC) operating in Delaware only, Wilmington Trust, N.A. (WTNA), Wilmington Trust Investment Advisors, Inc. (WTIA), Wilmington Funds Management Corporation (WFMC), and Wilmington Trust Investment Management, LLC (WTIM). Such services include trustee, custodial, agency, investment management, and other services. Loans, credit cards, retail and business deposits, and other business and personal banking services and products are offered by M&T Bank, member FDIC.

M&T Bank Corporation’s European subsidiaries (Wilmington Trust (UK) Limited, Wilmington Trust (London) Limited, Wilmington Trust SP Services (London) Limited, Wilmington Trust SP Services (Dublin) Limited, Wilmington Trust SP Services (Frankfurt) GmbH and Wilmington Trust SAS) provide international corporate and institutional services.

WTIA, WFMC, and WTIM are investment advisers registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply any level of skill or training. Additional Information about WTIA, WFMC, and WTIM is also available on the SEC's website at adviserinfo.sec.gov.

Wilmington Trust Investment Advisors, Inc's Capital Markets Forecast is provided for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service or as a recommendation or determination that any investment strategy is suitable for a specific investor. Investors should seek financial advice regarding the suitability of any investment strategy based on the investor's objectives, financial situation, and particular needs. The investments or investment strategies discussed herein may not be suitable for every investor. The material is not designed or intended to provide legal, investment, or other professional advice since such advice always requires consideration of individual circumstances. If legal, investment, or other professional assistance is needed, the services of an attorney or other professional should be sought.

Wilmington Trust is not authorized to and does not provide legal or tax advice. Our advice and recommendations provided to you is illustrative only and subject to the opinions and advice of your own attorney, tax advisor or other professional advisor.

The forecasts presented herein constitute the informed judgments and opinions of Wilmington Trust about likely future capital market performance. Forecasts are subject to a number of assumptions regarding future returns, volatility, and the interrelationship (correlation) of asset classes. Assumptions may vary by asset class. Actual events or results may differ from underlying estimates or assumptions, which are subject to various risks and uncertainties. No assurance can be given as to actual future market results or the results of Wilmington Trust's investment products and strategies. The estimates contained in this presentation constitute Wilmington Trust's judgment as of the date of these materials and are subject to change without notice. The information in this presentation has been obtained or derived from sources believed to be reliable, but no representation is made as to its accuracy or completeness.

Securities listed or mentioned are provided for illustrative purposes only and are not intended to be representative of current recommendations or holdings. It should not be assumed that these securities were or will be profitable.

Reference to the company names mentioned in this material are merely for explaining the market view and should not be construed as investment advice or investment recommendations of those companies.

Diversification does not ensure a profit or guarantee against a loss.

Some investment products may be available only to certain "qualified investors"—that is, investors who meet certain income and/or investable asset thresholds. Any offer will be made only in connection with the delivery of the appropriate offering documents, which are available to prequalified persons upon request. '

Indices are not available for direct investment. Investment in a security or strategy designed to replicate the performance of an index will incur expenses, such as management fees and transaction costs, that would reduce returns.

The names of actual companies and products mentioned herein may be the trademarks of their respective owners.

The gold industry can be significantly affected by international monetary and political developments as well as supply and demand for gold and operational costs associated with mining.

Financial Advisors are investment advisor representatives of, and offer securities and advisory services through, LPL Financial LLC (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Wilmington Advisors @ M&T is a brand name used by LPL representatives to offer securities, advisory, and insurance services and is not a separate legal entity. Registered representatives of LPL using the Wilmington Advisors @ M&T name are employees of M&T Bank. LPL and its affiliates are entities separate from, and not affiliates of, M&T Bank. Securities and insurance offered through LPL or its affiliates are:

Not Insured by FDIC or Any Other Government Agency | Not Bank Guaranteed | Not Bank Deposits or Obligations | May Lose Value

Private Banking is the marketing name for an offering of M&T Bank deposit and loan products and services.

M&T Bank   Equal Housing Lender. Bank NMLS #381076. Member FDIC.

Investment and Insurance Products   • Are NOT Deposits  • Are NOT FDIC Insured  • Are NOT Insured By Any Federal Government Agency  • Have NO Bank Guarantee  • May Go Down In Value

Investing involves risks and you may incur a profit or a loss. Past performance cannot guarantee future results. This material is provided for informational purposes only and is not intended as an offer or solicitation for the sale of any financial product or service. It is not designed or intended to provide financial, tax, legal, accounting, or other professional advice since such advice always requires consideration of individual circumstances. There is no assurance the any investment, financial or estate planning strategy will be successful.

Wilmington Trust Emerald Family Office and Advisory is a service mark and refers to wealth planning, family office, specialized transaction and other services provided by Wilmington Trust, N.A., a member of the M&T family.  

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Learn what will unfold in the year ahead. Explore our full Capital Markets Forecast.

The COVID-19 pandemic continues to be the most jarring event in a generation and is sure to have permanent consequences—both negative and, yes, even positive—on our daily lives. Much like an electrical impulse to the heart, trillions of dollars of postpandemic stimulus provided support to sustain the consumer and business sectors of the economy through the eye of the storm. But as we settle into life after the pandemic, we note the depth of dislocation that the public health crisis has brought to key pockets of the economy—numerous skipped or irregular beats, if you will, resulting in an economic arrhythmia.

A severe labor market shortage—more than any other economic factor—is accounting for a massive breakdown in the normally well-oiled global supply chain, straining businesses globally.

TONY ROTH
Chief Investment Officer

A “global resource disorder” has resulted from labor market shortages and surging demand for goods, and it is impacting every facet of the economy and our investment strategy

CYCLES

Economic cycles are a critical lens through which we look to try and assess where the economy is headed.

LABOR

The historically tight labor market—where jobs far outpace available workers—is badly out of sync with other economic measures.

SUPPLY CHAIN

Labor shortages and surging demand have pushed supply chains to the brink, and resilient firms are responding with tech solutions.

INVESTMENT PLAYBOOK

A unique economy calls for a unique investment playbook; we present the positioning we believe will be most effective.

The team uses an economics-led process to manage portfolio
risk while working to mitigate tax liability, control costs, and
deliver access to creative investment structures.

BUSINESS OWNER SUCCESS SURVEY

We took a confidence pulse check of 1,000+ business owners who revealed their challenges, spending plans, and revenue expectations. The economic outlook has started to rebound, back to levels right before the pandemic started in early 2020, and as our Business Owner Success Survey shows, so has optimism among business owners.

How would you describe your outlook on the U.S. economy over the next 12 months?

“VERY OPTIMISTIC” OR “SOMEWHAT OPTIMISTIC”

81%

March
2020

66%

August
2020

66%

Jan.-Feb.
2021

77%

Sept.-Oct.
2021

Tony Roth

Chief Investment Officer

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LEARN MORE

Is your portfolio likely to fund your goals? Schedule a PARAGON® (Portfolio Analysis, Risk Assessment, and Goals Optimization) review, where sophisticated planning software infused with our insights tests how a portfolio may fare under challenging scenarios. To help you face the future with confidence, contact an advisor today.

CMF 2022 Form Handler