Mercer's Monthly Market summary provides an overview of global financial markets.
Since our last edition, the US equity rally faced some headwinds, although markets outside the US generally posted strong gains. One headwind for equities during the quarter was the idea that the Trump administration’s pro-growth policies could encounter congressional roadblocks. While fundamental growth factors such as GDP growth and positive earnings forecasts still support the post-election rally, valuations are rich and monetary policy is becoming less accommodative. The Fed increased its target rate by 25bps in March, while the Bank of Japan, the Bank of England, the ECB and the National Bank of Switzerland left rates unchanged.
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