


The Economy is Slowing, and That’s the Plan
2022 was a tough year for financial markets. Both stocks and bonds saw double-digit losses. Surging inflation forced the Federal Reserve to aggressively raise interest rates.

Navigating Uncertainty
2022 has been a year of change and surprises. Soaring inflation, war in Ukraine, and the rapid rise in interest rates were not on many people’s radars a year ago.

Sour Patch or More?
Our 2022 outlook called for a more challenging year, noting Fed policy and inflation were the most likely factors to disrupt the relative calm of 2021.

Don’t Fight the Fed
The Federal Reserve has a big challenge: Tame a surge in inflation that reached levels not seen in four decades without pushing the economy into recession.

A Transition Year
While the world remained tense over the ongoing pandemic, the stock market did not skip a beat in 2021.
The U.S. stock market saw a bear market in 2022, falling 25% before bottoming in October. Fears of a recession weighed on markets as the impacts of inflation and higher interest rates were unclear.