Historical Events and S&P 500 Total Return
Operation Epic Fury commenced at the end of February as the U.S. and Israel launched coordinated military strikes on Iran. Volatility spiked, particularly in commodity markets, and risk-off sentiment
ensued. Historically, geopolitical events have resulted in initial volatility, while longer term, markets have generally fared well.
Expected Change in Fed Funds Rate
Market expectations for Fed rate cuts shifted significantly in March from the start of the year, moving from pricing in roughly two cuts to zero cuts for 2026. Spiking commodity prices gave rise to concerns of inflation reigniting, conflicting with concerns of slowing growth and weakening labor market data, which typically put downward pressure on interest rates.
The information contained herein is confidential and the dissemination or distribution to any other person without the prior approval of Fiducient Advisors is strictly prohibited. Information has been obtained from sources believed to be reliable, though not independently verified. Any forecasts are hypothetical and represent future expectations and not actual return volatilities and correlations will differ from forecasts. This report does not represent a specific investment recommendation. The opinions and analysis expressed herein are based on Fiducient Advisor research and professional experience and are expressed as of the date of this report. Please consult with your advisor, attorney and accountant, as appropriate, regarding specific advice. Past performance does not indicate future performance and there is risk of loss.
