In this commentary we discuss the volatile moves in interest rates during the past quarter, the two bank failures and our theories on why these are likely isolated instances, our views on inflationary trends slowly decreasing, and how it all comes together for a challenging earnings growth environment for corporate America in 2023. Despite the market turbulence of the past several months, we note that from the March 23, 2020 COVID lows, the S&P 500 has returned 94% or 24.8% annualized.

Please read the First Quarter Market Commentary for more information.