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Global equity markets were mixed over the quarter, with
international equities posting positive returns while U.S.
equities were negative. Fixed income markets were positive
over the quarter as rates declined across much of the yield
curve.
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U.S. equities declined 4.7% (Russell 3000), with Energy as
the best-performing sector and Consumer Discretionary and
Information Technology as the worst-performing sectors. In
a reversal from 2024, large-cap value outperformed large-cap growth by over 1,200 basis points (2.1% for Russell
1000 Value vs. -10.0% for Russell 1000 Growth).
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International equities and emerging markets equities
performed well over the quarter, returning 7.0% (MSCI
EAFE) and 2.9% (MSCI Emerging Markets), respectively.
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The broad U.S. fixed income market returned 2.8%
(Bloomberg Barclays Aggregate) over the quarter. While the
Fed held the federal funds rate steady during the quarter,
longer-term rates fell, with the 10-year Treasury declining by
over 30 basis points.
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The unemployment rate increased slightly to 4.2% this
quarter, from 4.1% at the previous quarter-end.
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