2023 Q1 Review and Outlook – Silicon Valley Bank Stirs the Economic Pot

Financial markets had a positive but choppy start to 2023 as stocks (as measured by the S&P 500 SPDR ETF – SPY) gained 7.5% in the first quarter. The U.S. bond market (as measured by the US Aggregate Bond ETF – AGG) returned 3.2%, and a 60% stock/40% bond portfolio returned 5.8%.  Over the past 12…