NEIRG invites you to review our market recap for April 2023. This commentary reviews asset class performance for the month, with a deeper look into global economics, fixed income, equity, and real asset markets to uncover what is driving returns. Global equities gained 1.4% during April and equity volatility declined sharply over the month, despite a modest spike late in the month amid renewed banking concerns. Even though the US earnings season delivered a fair number of positive EPS surprises relative to expectations, the earnings decline over the first quarter is set to be the largest since the second quarter of 2020.