In Review

Global equity markets started off the year strong as resilient economic data buoyed investor sentiment.  The U.S. remains on pace for a soft landing, as falling inflation and rising real wages should offset lower excess savings and tighter credit conditions. Against this backdrop, the MSCI World returned 9.0% in the 1st quarter. As the prospect for aggressive rate cuts faded, the Bloomberg Global Aggregate Index returned -2.1% over the first three months of the year. Risks remain that could knock the U.S. economy off its steady path including a contentious election year, higher policy rates, and elevated geopolitical tensions.

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