There are some signs of relief that may set up savers for higher future returns, particularly in the bond market.

Moriarty played a key role in the launch of SPY, the oldest and largest exchange traded fund.

Since 1928, the S&P 500 Index has only fallen for two straight years on four occasions: The Great Depression, World War II, the 1970s oil crisis and the bursting of the dot-com bubble at the start of this century.

Following a strong November, active funds were on pace to have their best year versus their benchmarks since 2017, with 45% outperforming, according to Bank of America.

Building an emergency savings fund is essential as economic turmoil looms in the new year.