Below is a summary of the first-quarter 2026 market performance and economic commentary. The full market performance report (PDF) , including commentary and charts, can be found here . 1Q26 Market Performance 📉The US equity market posted negative returns for the quarter and underperformed both non-US developed markets and emerging markets. Value outperformed growth . Small caps outperformed large caps . 📈US REIT ( real estate investment trusts) indices outperformed equity market indices. 📈 Short-term and long-term interest rates generally increased during the quarter. The yield on the 10-Year US Treasury Note increased 0.12% to 4.30%. 📈The Bloomberg Commodity Total Return Index returned +24.41% for the first quarter of 2026.