Q1 23 | RESILIENT MARKETS DESPITE RATE HIKING STRESS

INVESTMENT ENVIRONMENT EQUITY MARKETS FIXED INCOME MARKETS
Select U.S. regional bank issues initially spooked the market. Quick action by
The Fed and lack of systemic problems provided calm.
Shifting Fed expectations provide boost for secular growth stocks, including
large-cap technology.
Bonds exhibit volatility as markets were quick to embrace each data release and central bank communication.

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