After three months of idyllic economic data and commensurately strong equity performance to start the year, April introduced a more mixed picture of economic data, raising doubts about a soft-landing scenario and causing equity markets to sell off.  Fixed income markets continued their suffering as inflation data disappointed, which caused interest rates to rise. The economic data was viewed negatively by investors because it further pushed out the timing of interest rate cuts from the Fed but did not indicate signs of a recession.

April is Financial Literacy Month, and to mark the occasion we are excited to share news of Pathstone’s inaugural six-week “Intern Rotational.”

This summer, interns will have the opportunity to learn from our talented team as they rotate through several different departments to gain a better understanding of how we serve and innovate on behalf of our clients.

The S&P 500 had its best start to a year since 2019, up +10.6%. After starting the year down nearly -4% in January, US Small Caps finished the quarter up +5.2%.  Bond yields have mostly drifted higher so far in 2024 as the market now anticipates fewer rate cuts this year and the treasury announced record issuance.