Here is our market update for Q1 2017.

• The bull market entered its ninth year during Q1 and showed no signs of slowing. Initial policy stumbles by the new administration may have actually contributed to gains as it became evident that the new president will face considerable checks and balances from both Republicans and Democrats.
• Media and investor focus remains fixated on President Trump and the political landscape. In our view, however, the private sector and the broader global economy is likely to be the bigger driver for stocks in the coming years. Despite the doom-and-gloom tone of the election and pocket of geographic weakness, the overall economy is robust and stocks reflect it.
• The Fed stayed on course: It raised short-term interest rates 0.25% late in Q1 and reiterated an expectation of two more hikes over the remainder of the year. Bonds still managed modest gains in this environment.
• The Department of Labor’s fiduciary rule, originally set to go into effect on April 10, suffered a series of setbacks in the quarter. As of this writing, a 60-day delay has been implemented, but the final fate of the rule remains uncertain.  We have always been a fiduciary for our clients and if you use an advisor, we strongly recommend that they are a fiduciary for you 100% of the time.  See this blog.
• The biggest lesson of President Trump’s first 70 days is an old one – political leaders have great impact on people’s lives, but when it comes to stock prices, they are usually just one factor among many. So far the market appears to remain focused on the potential positive impacts President Trump may have on taxes and corporate profits.
• The populist trend represents a threat to the EU, and is likely one reason U.S. stocks have outperformed over the past few years. It is a risk, but also an opportunity.
• For the first quarter, international stocks did better than US stocks.  We will see if this trend continues.

See this recent blog —

Are you ready for a fire drill? – are you managing risk in your portfolio?

Click here to look at all the slides.  — QMR_Q1 2017 and market outlook-final

• Risk Happens Fast!
• Keep Calm or Freak Out?
• The Pledge Most Advisors Won’t Sign!

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