Stableford Capital Market Commentary - March 2024

Equities were up 3.1% in March, despite indications of higher inflation and hot payroll numbers that could cause the Fed to keep rates higher for longer

Exhibit 1—Equities Up 3.1% in February

So, what kept hope alive?

You have three guesses (and the first two don’t count). Yep, Jay Powell to the rescue! Despite a hot economy, two months of strong numbers and the potential for re-acceleration in inflation Fed Chair Jay Powell chose to ignore the unruly data points during the March Fed meeting presser. The Fed kept the 3 assumed cuts in the dot plot as well, matching the market’s expectations at the time. So much for being “data dependent”.

All this jawboning kept rates subdued during March. Ten-year U.S. Treasury yields fell 5 basis points.

Read the March 2024 Market Commentary to get a detailed overview of the situation.

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This market commentary was written and produced by Stableford Capital, LLC. Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested in directly. The views stated in this letter are not necessarily the opinion of any other named entity and should not be construed directly or indirectly as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results.

S&P 500 INDEX: The Standard & Poor’s 500 Index is a capitalization-weighted index of 500 stocks designed to measure the performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.