March 2023 Newsletter | No Landing Is Starting To Be Priced In. Seriously?

Summary

• We had a strong start to the year with January markets rallying strongly but February couldn't keep up.  The S&P finished lower by -2.5% and long bonds (TLT) was down-4.9%.

• The Fed continues to raise rates and while the year started with the assumption of two 25 bps hikes, we have moved closer to four.

• Yields across the board are reaching new highs…