April 25, 2014

April 11, 2014

What we expected may be what we get

With the first quarter of 2014 behind us, let’s consider where we stand now versus our outlook at the beginning of the year, when we were favoring the US equity market over other equity markets. And our outlook for fixed income was based on a bias toward higher interest rates — not a dramatic hike in rates, but a downward drift in bond prices across the board. So we were favoring credit and shorter maturities.