Steady as she goes progress marks the Easton Episcopal Fund, primarily because the Board keeps experienced and attentive eyes on the economic weather as well as on all the accompanying indicators. The market has come back well from September 2022’s sharp decline, though it remains cautious, in part because the Fed has been hinting at two more rate raises before year’s end (depending, of course, on the job numbers this Friday, and on other indicators as they come in over the next weeks and months). Many expect a quarter-point raise at the July meeting as the Fed uses what tools it has at its disposal to engineer a soft landing while reining in inflation. The thirteen-year-old balanced Fund continues to grow and to meet the stated and unaltered goal: Generate a total return (interest, dividends and price appreciation) over a three-year time period that is greater than the expected Constant Rate of Return draw rate as recommended by the Board of Managers (5% for 2023) plus inflation as measured by the Consumer Price Index (CPI).