Market outlook

After a successful vaccine roll-out across much of the developed world in 2021, new COVID variants are expected to pose less of an economic concern in the year ahead. Without additional stimulus payments, this year’s economic growth is expected to be driven by the sustainable drivers: increased consumer spending from personal income and an improving job market.

But many questions linger as we look ahead to 2022: Will inflationary pressures subside? How quickly will the Fed move on anticipated rate hikes? Will equity markets continue their incredible surge or are there signs of weakening?

To provide perspective on these topics and more for the year ahead, BOK Financial’s investment management team recently discussed their outlook on key issues affecting the economy and financial markets.

Economic outlook

The BOK Financial investment management team is optimistic about economic growth in 2022, but pandemic risks persist. Leaders outline the key issues they’re following including inflation, monetary policy and equity markets.

Economic growth expected  

How much growth can we expect now that COVID relief stimulus has ended? Brian Henderson, chief investment officer, shares his thoughts on the direction of the U.S. economy.

Inflation: goods vs. services

How does inflation from spending on goods versus services differ? Steve Wyett, chief investment strategist, breaks down the inflation situation and the areas we’re keeping an eye on.

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COVID-19: weakening threat

In a battle of variants vs. vaccines, Matt Stephani, president of Cavanal Hill Investment Management, discusses what direction COVID is likely to take in 2022. 

Monetary policy dependent on several factors

If the labor market continues to improve, will inflationary pressures diminish? Steve Wyett discusses the tug of war between inflation, the economy and monetary policy. 

Equity markets volatile, but favorable 

Will sky-high market trends continue in 2022? Is recession around the corner? Matt Stephani outlines the factors contributing to expectations for the equity market this year. 

Portfolio positioning 

A surging market has spurred portfolio shifts; Brian Henderson shares the approach most likely to deliver above-average returns. 

About the experts

Steve Wyett Headshot, SVP Chief Investment Strategist
Steve Wyett, CFA
Senior Vice President, Chief Investment Strategist
More about Steve Wyett
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  • Responsible for the creation, communication and implementation of BOKF’s investment management message.
  • Serves on the Alternative Asset and Manager Review Committees, is a member of the bank’s Internal Trust, Investment, and Advisory Trust Services Committees, and Managing Director and Chair of the Investment Committee for BOK Financial Private Wealth, Inc., a wholly-owned RIA.
  • More than 35 years of investment expertise.
  • Earned a Bachelor of Science in Finance from Oklahoma State University and is a member of multiple Societies of Financial Analysts.
Brian Henderson Headshot, EVP Chief Investment Officer
J. Brian Henderson, CFA
Executive Vice President, Chief Investment Officer
More about Brian Henderson
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  • Leads Alternative Investments, Strategic Investment Advisors and Cavanal Hill Investment Management, Inc.
  • Recognized with multiple performance awards as President of Cavanal Hill prior to CIO appointment.
  • More than 25 years of experience with BOKF.
  • Holds a Bachelor of Business Administration from Southern Methodist University.
  • Supports various philanthropies throughout the Tulsa community.
Matt Stephani Headshot, President Cavanal Hill Investment Management
Matthew Stephani, CFA
President, Cavanal Hill Investment Management
More about Matthew Stephani
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  • Responsible for Cavanal Hill’s Fixed Income, Cash and Equity Management teams.
  • Previously led the award-winning Fundamental Equity Research team, where he developed new strategies and established a strong track record of performance.
  • Holds a Bachelor of Science and Master of Accountancy from Brigham Young University.

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