March Monthly Market Review

An excerpt from our March Monthly Market Review: Policy uncertainty and concern that massive U.S. tariff increases will slow growth and raise prices have dominated markets. Business and consumer sentiment has soured. Firms are deferring hiring and investment. Households expect sharply higher inflation, declining employment opportunities, and a deterioration in their financial condition. The economic disruption of policy uncertainty is mirrored in recent market movements. U.S. equity prices fell in March, compounding February losses. Investment grade and high yield bond prices also declined. The U.S. Treasury yield curve is once again flirting with inversion. Non-U.S. equity markets, especially European equities, performed considerably better than the U.S., despite uncertainty about the impact of increased U.S. tariffs on their exports. The U.S. dollar fell further against major currencies in March. Gold prices, in contrast, soared, surpassing $3,000 per ounce. Oil prices dipped, then recovered. Tariffs pushed steel prices sharply higher.

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