- Global markets experienced an up and down quarter but ended mostly positive.
- In terms of U.S. economic growth, the quarter’s progress was complicated by severe winter weather that likely depressed some of the short-term indicators of the economy’s health.
- Developed international stocks were flat, largely due to a sizeable decline in Japan.
- Emerging markets have been beset by ongoing concerns about economic growth alongside macroeconomic instability in countries such as Ukraine (most recently) and Turkey.
- Core bonds were among the quarter’s stronger performers, reinforcing the important role they play in a diversified portfolio. Municipal bonds were another bright spot in the quarter amidst improving economic health for states and municipalities.