In the face of significant uncertainty, markets proved to be more resilient to start the year than many investors thought possible. The quarter started off largely upbeat as inflation seemed to be subsiding and many believed that would lead the Fed to stop raising rates or even contemplate cutting rates. In February, economic numbers came in hotter than expected and the Fed’s rhetoric quickly reinforced further rate increases. Many professionals have been predicting that the significant rise in rates would eventually cause something to break. In March, the cracks started to emerge as Silicon Valley Bank & Signature Bank quickly were shut down by regulators within a few days of each other. Please click here to continue reading our market update.