April 2023 Commentary: A Series of Unfortunate Events


  • U.S. equity markets continued their impressive run this year, bringing year-to-date returns to over 9%; bonds also made modest gains.
  • Inflation continued to moderate, but the 5% year-over-year rate for March remains well above the Fed’s 2% target.
  • As the debt ceiling debate intensifies, Congress remains at an impasse and has largely ignored warnings from Treasury Secretary Yellen, who now estimates that the U.S. will run out of funds to pay bills by June 1.
  • For the first and second quarters of 2023, analysts are projecting year-over-year earnings declines of 3.7% and 5.0%, respectively, as the ongoing economic slowdown has continued to drag expectations lower.

Read and download the commentary here.

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