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Markets held up well during March, supported by robust economic indicators coming from the US, manufacturing and services PMIs improving in China and an increasingly dovish stance from the ECB.

A relatively buoyant environment for Equity Market Neutral strategies.

Since the market has incorporated the fact that there would be fewer rate cuts by the Federal Reserve and they would probably come later than expected at the end of 2023, core equity indices have continued to perform well in Northern America and Western Europe.

Has commercial real estate reached its inflection point? With little transaction activity, price and index data are generated with a lag. Market prices can change much more rapidly than they can be aggregated and reported. Investors must rely on fundamental analysis and experience more than data to time the recovery.

Although the Federal Reserve slightly opened the door to rate cuts during the last quarter of 2023, the latest economic data points were solid, leading the Fed to indicate that rate cuts may come later rather than sooner.

2022 was a landmark year for monetary policy, with Central banks shifting priority from supporting growth to taming inflation.

Like the Rolling Stones during a concert, the dovish stance from the Fed had the effect to “spread out the oil, the gasoline” on a market that was already anticipating a brighter future.

Central bank tightening monetary measures continue to progressively slow the economic growth rate of most regions around the world.