Global developed stock markets rose in April amid concerns about regional banking stress and declining leading economic indicators.  Despite the worries, the economy remains resilient and has maintained positive growth.  For the month, US large-cap stocks were up 1.56%, while small-cap stocks were off (1.8%).  Developed market international stocks outperformed, with the MSCI EAFE up 2.93% and emerging market stocks down (1.1%).  Core US bonds were up slightly in the midst of interest volatility and finished the month up 0.61%.  In this month's commentary, we discuss the following investment topics:

• Bank Failures We put this year's bank crisis in a historical perspective and provide some thoughts on the challenges going forward.
• Market Thoughts: We discuss this year's stock market performance, economic growth, and the potential for a recession in the next year.

Please give us a call if you have any questions regarding the attached presentation or would like to discuss your investment strategy. 

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