March was a difficult month, not surprisingly, but April was better with a gross return of 6.65% and a year to date gross return of 4.71%, 36 basis points ahead of the EEF policy benchmark. The upcoming transition in the Fed leadership has added a bit of noisy uncertainty to the mix, as do most transitions. Jerome Powell will step down as Chair of the Fed at the end of May but remain on the board. Kevin Warsh will step into the chairmanship. What this transition will mean for rates, particularly looking at the economic data, remains to be seen. Meanwhile, the Board of Managers watches, regularly consults together in addition to the members’ usual attention to economic data and the financial markets, and maintains a prudent approach to the Fund for its shareholders.
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