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APRIL 2023 Newsletter: A Resilient March

April 10, 2023

The financial markets’ resilient performance during March was striking, despite pockets of uncertainty surrounding the strength of the economy — including concerns over the durability of the banking system. The ability of the market to navigate nearly two weeks of headline-related risk tested the underlying resolve of the market’s capacity to look ahead. 

Certainly, the strains in the banking system jolted investor confidence and the market’s positive trajectory, but the quick response from government agencies—particularly the Fed’s lending facility, designed to help banks shore up their balance sheets quickly—helped restore calm in the market. Fed Chairman Jerome Powell echoed the reassuring words of many officials in the U.S. and abroad when he said the U.S. banking system “is sound and resilient with strong capital and liquidity,” and that “deposits are safe.”

Helping to further strengthen support in the country's financial infrastructure, and ease investor anxiety, was the headline that First Citizens Bank would purchase “all of the deposits and loans” of Silicon Valley Bank, the bank that collapsed quickly and ignited a stretch of fear and panic across financial markets. With the private sector showing the value it sees in the ailing bank, we saw renewed optimism and faith in the overall banking system, and markets in general. First Citizens share price climbed 53% on the first trading day following the announcement, demonstrating the market’s confirmation that the deal made sense—and that the banking sector is safe.

While we still anticipate the potential for near-term weakness, the restabilization of our financial system's foundation and the market's response to those actions further corroborates our constructive long-term optimism -- despite headlines designed to jar nerves and test our steadfast resolution.

  • Savings held at banks are typically federally insured up to $250,000 per person per bank. Related to the recent banking headlines, LPL Financial implements two automated FDIC-insured cash sweep programs for uninvested cash savings within your investment accounts — the Insured Cash Account (ICA) and Deposit Cash Account (DCA) programs. Should you have uninvested cash exceeding the typical $250,000 FDIC amount, your cash savings is automatically deposited across multiple participating banks so that each cash amount does not exceed $250,000 per bank to further ensure coverage. This automated distribution across multiple banks extends your FDIC coverage to a maximum of $2.5 million per person. Should you have any further questions about this process, please feel welcome to contact our office.

  • The tax return filing deadline is Tuesday, April 18, 2023. Please consult the "2022-23 Taxes" section of our website FAQ page for answers to tax-related questions. 

  • A quick reminder that the last day to make 2022 contributions to certain retirement accounts is also fast approaching. In most cases, the contribution deadline is the same as your tax return filing deadline. If you do have money to transfer, keep in mind the process can take time, so we suggest initiating the transfer as soon as possible.

For more information on IRS tax filing or extension deadlines, see This information is not intended to be a substitute for specific individualized tax advice. We recommend discussing your specific tax situations with a qualified tax advisor.

What Is The IRS Alternative Media Center?

The IRS Alternative Media Center offers a variety of resources and accessibility services for visually impaired taxpayers. Using this platform, they provide tax-related content in several formats, including:

  • Text-only
  • Braille-ready files (available in English and Spanish)
  • Browser-friendly HTML
  • Accessible PDF (available in English and Spanish)
  • Large print PDF (available in a variety of languages)

The IRS also offers enhanced accessibility services. Taxpayers can complete Form 9000, Alternative Media Preference, to choose how they would prefer to receive their tax notices (ex: in Braille, large print, audio, or electronic formats). They also have an accessibility helpline that can answer questions related to accessibility services.

This information is not intended to substitute for specific individualized tax advice. We suggest you discuss your specific tax issues with a qualified tax professional.

Tip adapted from

Two couples played paintball. Each person had blue, green, yellow, or red paint, and wore a uniform in one of those same colors. Barbara used blue paint. The person wearing green used yellow paint. Steven did not wear the red uniform. Vicki used green paint adn wore blue. Ian used the same color paint as his t-shirt. Can you match each person to the color of paint and uniform they used?


Last month's riddle: About 90% of this country’s land area is made up of arid tan desert, yet its flag was once solid green (until 2011) – in fact, at one time it was the only nation in the world with a flag containing just one color. What nation is this?

Answer: Libya

Important Information

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change. 

References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.

All data is provided as of March 13, 2023.

Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities. 

All index data from FactSet.

The Standard & Poor’s 500 Index (S&P500) is a capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. 

This Research material was prepared by LPL Financial, LLC. All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

Bonds are subject to market and interest rate risk if sold prior to maturity. Bond values will decline as interest rates rise and bonds are subject to availability and change in price.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

Past performance does not guarantee future results.

Asset allocation does not ensure a profit or protect against a loss.

For a list of descriptions of the indexes and economic terms referenced, please visit our website at

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