Market Summary Report - First Quarter 2016

There were two distinct periods during the quarter divided by sentiment and performance. The start of the year through February 11 was a “risk-off” period of negative sentiment and sharp declines across asset classes and countries. Many assets had double-digit declines during the first half of the quarter. Sentiment shifted abruptly and most markets rallied starting February 12. Many major indices erased prior losses to post gains for the quarter. Other notable events included the European Central Bank taking actions to cut key lending rate to 0 percent and the Federal Reserve leaving the fed funds rate target unchanged.