The Easton Episcopal Fund has outperformed its benchmark. Performance quarter-to-date was 9.31% net of fees (which are 0.28%, some of the lowest in the balanced fund universe). Year-to-date the EEF is in the 20^th percentile for performance, the 19^th percentile for the past five years, and the 28^th percentile for the past ten years. The economy is so far in stronger, steadier shape than many had predicted. As a result, at its January meeting the Fed declined to change interest rates, citing the stronger numbers of the past month. Chairman Powell did, however, signal that unless something changes significantly from the current trajectory, there is likely a quarter-point rate or two decline in the latter part of the year – not nearly as swift a change as some had predicted, but a measured approach to a complicated task that is both science and art. Meanwhile, the Board of Managers of the EEF continues to monitor markets closely.