“March comes in like a lion and goes out like a lamb.” The first part of that old adage about the weather certainly applies to risk assets like stocks and bonds this past month. The S&P 500 Index fell 5% in March and now sits down 6% from its all time high in January. Bonds also fell, as expected rate cuts were priced out of the market with the 10 year Treasury yield rising to 4.32% from below 4% at the start of the month.

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