– Federal Reserve meeting week was a tough one for global financial assets – all major asset classes finished the week in the red.
– All factors, styles and sectors closed the week lower. Small cap value returns for 2023 have turned negative.
– Emerging and developed market equities declined. Thirteen of 44 countries are down year-to-date after last week’s stock market weakness.
– The dollar was up, as were bond yields. The yield on the 10 Yr. Treasury Inflation Protected Securities climbed above 2% for the first time since 2009.

– Commodities and International equities rallied while US stocks and Treasuries closed down for the week.
– Tech stocks were the drag on broad cap-weighted US indices, as 8 of 11 sectors actually had positive performance.
– Strong performance from Japan and Latin America boosted international indices.
– Crude oil closed the week above $90 a barrel for the first time in 10 months. Treasury yields are testing bear market highs.