March 2026 Market Update

Despite escalating geopolitical turmoil, a Supreme Court ruling that triggered a messy unwind of U.S. tariffs, and sector-level corrections in software and private credit, the S&P 500 stayed within 3% of its all-time high for 77 straight days. After three years of a Magnificent 7 economy, equity leadership is broadening in real time.

February brought the bond market's strongest monthly rally in over a year, with the 2-year Treasury yield falling to its lowest level since 2022. Private credit is finally undergoing a real stress test, with public alternative asset manager stocks down 25% year-to-date. And the conflict in Iran adds a new layer of complexity as markets price in tail-risk scenarios ranging from a short confrontation to a prolonged regional disruption.

Our March 2026 Market & Economic Review breaks down the great rebalance, the private credit shakeout, the geopolitical picture, and the three key takeaways from our Centralized Investment Committee.

Read the full report below.

The commentary, data, and visuals provided are not intended to be investment advice. Please seek the advice of an independent financial advisor for your personal financial decisions.