A holiday shortened final week of March ushered in the beginning of the second quarter and an end to a very nice first quarter for stocks, commodities, and teh USD. However, the bond market wrapped up its worst quarterly return in over four decades – vaccines and stimulus matter. Market drivers for the week included a decent economic calendar, details of a large infrastructure spending package, positive Covid vaccine news, and the Ever Given floating away. Both the DJIA and S&P 500 notched fresh record highs last week with the S&P piercing 4,000 for the first time. Interest rates again moved higher, particularly in the belly of the curve. Internal leadership came from the technology complex and consumer discretionary names while materials, energy, and healthcare lagged. Oil and the broad commodity patch were flat on the week while the USD appreciated marginally.