Recent statistics indicate that air travel for business or leisure is back to 2019 levels. While navigating the friendly skies may be back to normal, daily activity in the investment markets is anything but!

During the first quarter of 2023, markets ebbed and flowed like an airline flight hitting bouts of turbulence. January market conditions mimicked a clear, sunny day’s flight destined for an exciting vacation spot. Market participants left 2022 behind and got on board, plowing cash into risk assets. Markets assumed weak economic data would prompt the Fed to deviate from its restrictive policy stance. The S&P 500 index returned approximately 6%, Treasury bonds declined in yield, and fixed income investors decided they needed less compensation to take on credit risk. With financial conditions benign, participants sat back to enjoy the flight.

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