• U.S. equity markets rallied in the first quarter, rising 7.2% (Russell 3000) on continued moderating inflation. The Consumer Price Index (CPI) peaked last June and has seen steady improvement since.
  • International equities rose to a lesser extent, posting a 6.9% gain over the quarter (MSCI ACWI ex U.S.).
  • The broad U.S. fixed income market showed continued improvement, up 3% (Bloomberg Barclays Aggregate).
  • Despite cooling economic growth, the U.S. labor market remained tight during the quarter with unemployment at 3.5% in March.
  • Large cap growth stocks had a strong quarter, with the Russell 1000 Growth up 14.4% and outperformed the Russell 1000 Value by over 13 percentage points.
  • The Federal Reserve raised interest rates 50 basis points during the first quarter. The Fed will continue to analyze incoming data on inflation in deciding whether to continue its interest rate hiking regime.
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