Risk markets continued their seemingly relentless climb during the first quarter of 2021, extending gains above pre-pandemic highs. Global equity indices set one record high after another. U.S. equity indices set new highs; by quarter end, the S&P 500 had risen 6.17%, and the Nasdaq Composite had risen 2.96%. International equities also ended higher, gaining 3.56%. Meanwhile, the traditional safe havens of U.S. Treasuries and investment-grade corporate bonds had their worst quarter since 1981.