March validated February’s intention of a new, higher volatility regime. March capped off the S&P 500’s first negative quarterly return since the third quarter of 2015 and the first negative first quarter since 2009. While not as high as it was in February, volatility in March was still above its five-year average and much higher than it was in 2017. The persistence of higher market volatility from February meant that the S&P Managed Risk Index maintained a hedge position through all of March. The slope of the yield curve fell 17 bps in March, pushing it to its lowest level since September 2000 and well below its 20-year average.