Investors successfully compartmentalized favorable US economic and earnings reports from a seemingly growing list of macro-risks, while a thaw in European Union (EU)/US trade talks provided hope that trade wars would not go global, producing a modest bounce in international equities.
Following February’s market gyrations, which saw inflation fears exacerbated by the unwinding of ill-fated short-volatility strategies, March promised to be a month of rest and recovery as global growth was plateauing at a high level and the monthly employment report presented a remarkable combination of strong employment growth, higher workforce participation and little sign of wage pressures. In addition, North Korea tensions eased while NAFTA and South Korean trade talks advanced smartly.
In this issue:
“Ladies and Gentlemen…Bets Please” by Bruce L. Swanson, PhD
“Functional Investment Committees” by D. Fort Flowers, Jr., CFA