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U.S. equity markets had a volatile first quarter, briefly entering correction territory, before ending the quarter down 5.3% (Russell 3000).
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International equities experienced similar volatility led by geopolitical events, ending the quarter down 5.4% (MSCI ACWI ex U.S.).
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The broad U.S. fixed income market sold off, down 5.9% (Bloomberg Barclays Aggregate), as rates rose across
the yield curve on high inflation and expectations of further Fed rate hikes.
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The U.S. labor market remained tight in the first quarter with unemployment dropping to 3.6% in March.
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The multi-quarter trend of large growth stocks outperforming large value stocks reversed in the first quarter,
with the Russell 1000 Value outperforming the Russell 1000 Growth by 8.3%.
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In the first quarter, the Federal Reserve implemented a 0.25% rate hike. Further rates hikes are expected
due to high inflation and tightening labor markets.
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