After an exuberant January, investors took a step back as concerns reemerged that inflation and tighter financial conditions could derail economic growth. The S&P 500 declined more than 2% for the month with all sectors other than technology losing ground. Real estate, energy, and utilities suffered the worst drawdowns. Emerging markets underperformed in response to tensions between the U.S. and China as well as the sustained strength of the U.S. dollar. Higher yields led to negative returns across all major bond markets. Sectors with less interest-rate sensitivity outperformed including short-term, taxable high yield and asset-backed securities. The yield curve inverted further, with Treasury bill yields reaching the highest level since the onset of the Global Financial Crisis.


April 15, 2024

Key Takeaways The first quarter was a continuation of late 2023, characterized by stronger-than-anticipated growth paired with tamer inflation and...

March 7, 2024

Modest economic growth expectations continue to be surpassed in the S., leading to a broadening ‘soft-landing’ consensus. On the contrary,...

February 8, 2024

· U.S. growth surprised to the upside through 2023 and continues to be on solid footing entering 2024, although vulnerabilities...