March Monthly Market Review

An excerpt from our March Monthly Market Review: The surge in global equities continued in March, capping off a stellar first quarter for asset markets. U.S. and Japanese equities, bitcoin, and gold all hit record highs. Global bond markets also rallied. U.S. Treasury yields fell slightly, and credit spreads narrowed to low levels across the rating spectrum. The primary catalysts for these widespread gains remain expectations for a feather-light landing of the U.S. economy and the fervent, if not feverish, hope that advances in AI will trigger a wave of productivity gains and corporate profits. Rising equity prices and narrowing credit spreads have eased financial conditions, blunted the impact of the Fed’s tightening, and fueled U.S. consumer spending. The Fed, unfazed by two months of higher-than-expected inflation, kept rates on hold in March. The Bank of Japan raised its policy rate from just negative to barely positive, signaling victory in its long fight against deflation. Oil prices spiked in March. The U.S. dollar was little changed.

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