The total returns (including reinvested dividends) in nominal (before-inflation) USD terms of core asset classes during the first quarter of 2025 were:
|Asset Class|Nominal USD Return|
|:-|:-|
|US stocks \[via VTI\]|\-4.8%|
|Ex-US stocks \[via VXUS\]|\+5.7%|
|US total bond market \[via BND\]|\+2.8%|
For some blended / balanced funds:
|Fund|Nominal USD Return|
|:-|:-|
|Global stocks \[via VT\]|\-1.0%|
|60/40 global stocks / bonds \[via VSMGX\]|\+0.2%|
A weaker USD was a contributor to the return of ex-US stocks in USD terms. The USD ended the quarter down about 4% relative to a basket of other currencies ([source](https://www.wsj.com/market-data/quotes/index/DXY/)), increasing the USD value of ex-US stocks denominated in other currencies that strengthened against the USD.
Cumulative CPI-U inflation across the 3 months through February was 1.1% ([source](https://www.bls.gov/news.release/cpi.nr0.htm)).
Valuation metrics as of 3/31/2025:
1. VTI trailing P/E ratio: 26.1x ([source](https://institutional.vanguard.com/investments/product-details/fund/0970)) => trailing earnings yield: 3.8% \[from 27.5x / 3.6% at the start of the quarter/year\]
2. VXUS trailing P/E ratio: 15.6x ([source](https://institutional.vanguard.com/investments/product-details/fund/3369)) => trailing earnings yield: 6.4% \[from 15.4x / 6.5% at the start of the quarter/year\]
3. BND yield to maturity: 4.6% ([source](https://investor.vanguard.com/investment-products/etfs/profile/bnd#portfolio-composition)) \[unchanged from the start of the quarter/year\]