Equity Commentary

“Uncertainty, that’s what one fears most.”
— from the 1965 movie “War and Peace”

The overriding theme for the first quarter of 2025 undoubtedly was “Uncertainty.” From threats of imposed tariffs, suspension of some tariffs and re-implementation of other tariffs, investors were inundated with news stories of international trade that may or may not be relevant that same day.

Fixed Income Commentary

Bonds Perform Well in Risk-off Environment

Core bonds ended the first quarter with a gain of 2.81%. Corporate bonds widened during the quarter, which resulted in an underperformance versus Treasurys of 0.87%.

Economic and Market Overview

First Quarter Overview

Over the course of the first three months of 2025, it would be understandable if investors felt they had been transported to the fictional planet of Bizarro World.