MORE HEADLINES
Economic Update
The FOMC continued to hold the target range for the federal funds rate at 0-0.25%.
Domestic Equity
U.S. equities posted strong positive performance as the S&P 500 Index returned 5.4% for the quarter.
International Equity
International equity market returns were positive for the first quarter.
Fixed Income
Managers that took risk by emphasizing lower quality credits realized better performance.
Real Estate Securities
Real estate investment trusts significantly outperformed the broad equity market this quarter.
Hedge Funds
Financial reform and hedge fund regulation remained an area of discord on Wall Street.
MARKET REVIEW
Despite continued high unemployment and sovereign debt worries in Greece and other European countries, the stock and credit markets continued their rallies from the March 2009 lows. The global economic recovery appeared to strengthen and global equities reported their fourth consecutive quarter of positive returns. A little over a year ago, credit spreads over U.S. Treasuries, both investment grade and high yield, were at their highest levels in history.
