March began on a turbulent note, with stocks tumbling as investor sentiment soured amid mounting concerns around the impact of the White House’s tariff policy. Consumer sentiment continued to decline, with negative expectations around inflation mirrored in the Federal Reserve’s Summary of Economic Projections released at the Federal Open Market Committee’s March meeting. Following February’s friction between the U.S. and its European allies, the European Union made a significant pivot in its long-term fiscal policy, announcing increased military spending with Germany leading the charge. The U.S. dollar fell in March. U.S. fixed income was flat month-over-month and returned 2.78% in the quarter as the U.S. Treasury yield curve steepened.
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