Markets entered April facing persistent volatility driven by a combination of monetary policy decisions, geopolitical tensions and elevated energy prices. The Federal Reserve recently kept interest rates steady and signaled only one potential rate cut this year amid rising inflation pressures, complicating the outlook for equities and bonds. Major U.S. stock indexes have traded lower following the Fed’s decision and disappointing inflation data, with the broader market reacting to higher energy costs and uncertainty related to conflict in the Middle East. Oil prices have surged as disruptions in the Strait of Hormuz tightened global supply and fed inflation concerns. Despite near‑term weakness in risk assets, long‑term growth expectations remain intact thanks to resilient consumer spending and corporate earnings. Investors are balancing cautious optimism about economic fundamentals with heightened sensitivity to geopolitical developments, inflation trends and policy shifts as they position portfolios for the remainder of 2026.

– Clay Beardemphl, CFO

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