Present. Registered Chairwoman Silberia? Present. Shamari Husband? Present.
Councilwoman Ryan? Present. Michael Costello? Is absent. David Hirsch?
Okay. By by the way, the explanation, the first document is the market update that the number of pages that issues like interest rates, GDP growth. I'm not gonna cover that and just to keep things efficient. Was a difficult month for that. Everyone knows, of course, that immediately followed the 02/28/2026 conflict with the ban started.
So you saw equities and fixed income markets sell off to pick up one. We also saw concerns about the blockade or the stoppage, you know, the flow of oil from the straight forward moves was concerns about inflation, some of which are very real. At the pump. When there are concerns about inflation, that takes bond yields up. If the bond yields up, go up above bond prices, futures now go down to negative returns in bonds as well.
Barclays USA bond index, which was up 1.8% in February, lost all those gains. So that's the bad news. The good news is that if we were to update this, say, last Tuesday, the S and P five hundred is now up about 4%, so it's strong about 8% positive. Small cap stocks are up about 11%, a little more than that. Bonds gained a little bit based on a little bit of easing of concerns about inflation.
The risk of being a little bit simplistic. A lot of that is driven by, better than expected news about corporate profits for the first quarter of twenty twenty six. Also, we expected corporate America to have pushed in the first quarter, but depending on what the proportion of the... For profits on a year over year basis, the quarter end comes through the first twenty twenty six. We're opening up to 15 to 17%, and 80% of companies, at least from the start of this big companies through the last couple of days, ahead of our expectations.
So that's a good number. Obviously, a lot of concern, lot of risk in the market as a result of the work, but it's fair to say that the market is expecting that, speculating, that, you have two combatants, if you will, who are heavily incented to try and, just trying to come to some settlements, or at least something short of on balance, you have the market that's that's chucking ahead. And when you go to the next page, it's a more high level for the retirement system. If you go back to March page three with a negative sell off, not quite a correction, where a correction is typically 10% sell off from most recent high end of the next. With the pullback in the market, you could see in the fifth column, it's the left of the top page three...
Fourth column, my apologies, the portfolio return system had a negative four and a half percent return. Next top over the right quarter to date and year to date returns, which you won't see, of course, for certain months of calendar year, were negative 1.8%. Market failures of the health and return system portfolio, 500 and And then the last page, page three, you can see tax funds. Quarter date, actually, a source of positive return in a tough market environment, which is six tenths percent of churn, market value.
By the council amendment, seconded by John. All those in favor say aye. Any opposed? The ayes have it. There's no recommendation for any rebalancing this month.
So we'll take a motion to accept the handout provided by Social Security, title of retirement system, and cash flow is FY 2006 to 2026 into the record. Accept the motion to submit this as exhibit favor say aye. Aye.
I'm the best on that. Alright.
For your service and for an efficient meeting. Yeah.
