March 2023 End-Month Market Review Summary Points:

• It has been a difficult quarter so far in 2023 but markets seem to have recovered some poise and our portfolios are delivering positive returns so far, protected via diversification and risk management.
• Fed is still prioritising price stability above everything else with the US central bank raising rates by 25 bps despite the banking scare.
• There is likely to be increased volatility as the information becomes clearer around the likelihood of recession, the stickiness of inflation and the monetary policy that will be used should a recession occur.