After closing out a year in which returns were dented by decelerating economic data worldwide and a Federal Reserve seemingly bent on a steady pace of interest-rate hikes, markets gave investors some relief in the first quarter of 2019. The S&P 500 is better by 13.6% year-to-date, and 21.2% since the December 24th near-term bottom; international equities, as measured by the MSCI All-World Ex-U.S. Index, gained 10.4% in the quarter. Fixed Income also fared well, with the Bloomberg Barclays Aggregate Bond Index improving 2.9% amid a rise in sovereign bond prices and a reasonably healthy credit environment.
Quarterly Market Outlook
The Clear Harbor Market Outlook is a quarterly market update.