Robinhood trading and short squeezes commanded headlines early in the quarter, but progress on the vaccine front, a lower turn in Covid-19 cases, and the passage of a very large fiscal stimulus bill also impacted markets.
The coronavirus vaccine rollout began worldwide giving line of sight to the economic reopening and recovery.
Consistent with past economic and market cycles, low quality/high beta stocks led out of the bear market of 2020.
Rates rise quickly as fiscal stimulus and vaccine rollout lead to higher growth and inflation expectations.
Municipal curve steepens on growth/inflation concerns, ARPA, AJP, AFP and taxes and solid March returns provide mixed returns for the quarter.