Bank failures dominated headlines during the first quarter as the assets of failed banks rivaled the total level of assets across banks that failed in the early stages of the global financial crisis (GFC). Despite the increased risk within the financial sector, economic data remains strong with a very healthy job market. The Federal Reserve (Fed) felt confident enough to hike interest rates by another 0.25% at its March meeting. The rate of inflation fell to its lowest level since August 2021, boosting consumer confidence and leading to positive returns in stocks and bonds, largely based on the belief that Fed rate hikes will begin to slow.

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