Spring has sprung as we complete the 1st quarter of 2015. The highlight for the just completed quarter was the announcement by the Federal Reserve whereby it removed the “patient” language in its monthly statement about moving away from the near zero interest rate environment. This statement, of course, was hedged by Fed Chair Janet Yellen, who indicated that any rate increase would not occur until warranted by economic data.
The market reacted to the announcement accordingly as this was expected. Stocks traded higher, bond yields traded lower and the dollar continues to be stronger.