The March quarter was a poor opening quarter for US and global equities. The market sold off sharply to begin January as it was one of the worst starts to a year in memory.  Stocks with higher growth rates declined more dramatically than those with lower growth rates as the market adjusts to the Fed’s hawkish change in monetary policy which is now squarely focused on attacking the current high levels of inflation. The market also fears and is discounting the expectation that economic and earnings growth rates will decelerate from recent elevated levels. There is also a global slowdown underway as the economies of Europe and China slow as the Russian invasion of Ukraine drags on and Covid related lockdowns in China have an adverse impact.