Summary

• Although U.S. stocks began the year with positive momentum, they declined in Q1, as the conflict in the Middle East took center stage.
• Joint U.S.-Israeli strikes on Iran began on February 28, sending the price of crude oil soaring to as high as $120 per barrel, following the closing of the Strait of Hormuz.
• U.S. taxable investment-grade bonds were little changed in Q1, as a positive start to the year was upended in March by the sudden rise in geopolitical risk, which pushed U.S. Treasury yields higher and bond prices lower.

Quarterly commentary ^1,2

Highlights

• Although U.S. stocks began the year with positive momentum, they declined in Q1, as the conflict in the Middle East took center stage.
• Joint U.S.-Israeli strikes on Iran began on February