Equity markets rallied during the quarter despite modestly lower earnings and an increase in the Federal Funds rate to 5.00% / 5.25% (Exhibit 1). The Nasdaq 100, powered by large technology companies, led the way again, now up a whopping 39.4% YTD. The Standard & Poor’s 500 Stock Index (“SPX”) advanced 8.7% during the quarter, more than doubling the equal weighted version of the same constituents. Bonds lost marginal value with interest rates rising modestly.