• U.S. Equities continued to march higher, returning 10.0% (Russell 3000) over the quarter.
  • Growth stocks continued to outperform value stocks, with growth outperforming value by over 1800 basis points over the latest one year time period.
  • International equities rose to a lesser extent, posting a 4.7% return (MSCI ACWI ex U.S) over the quarter.
  • The broad U.S. fixed income market was down over the quarter as rates rose, producing a negative 0.8% return (Bloomberg Barclays Aggregate.)
  • The Fed held interest rates steady. Investors are anticipating the Fed to lower rates in 2024, though expectations on the number of rate cuts were slowly being scaled back.
  • The U.S. labor market remained tight during the quarter with unemployment at 3.8% in March.
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