Equity Commentary

Goodbye, 2022!
The year 2022 will go down as a year that most may want to forget, given the negative returns we experienced. The drawdown in equities was the worst for a calendar year since 2008.

Economic and Market Overview

Rates, Recalibration and Recession
As has been communicated widely and with great frequency, 2022 was an extremely challenging year for investors. Historical correlations between asset classes succumbed to a causality that impacted both equity and fixed income investors.

Fixed Income Commentary

Fixed Income Posts Worst Year in Over a Century
Core fixed income returns had their worst annual return in more than 100 years. The year began with the Federal Funds Rate at 0.25% and 10-year Treasury yield at 1.5% and ended with the Federal Funds Rate at 4.50% and the 10-year Treasury yield at 3.87%.