The first quarter of the year witnessed a reversal of many of the trends seen in 2022. Growth equities rebounded, recovering some of last year’s losses, while commodities shed much of their 2022 gains as the price of oil tumbled. With the yield curve inverting, investors flocked to money market funds and short-term securities. Bank failures headlined market news in March and left many anticipating easing monetary policy ahead. Wishful thinking, it would seem, but only time will tell.