Furthermore, the Fed wound down its bond-buying programs and is accelerating the reduction of its balance sheet. While indicating that additional rate hikes were likely. Federal Reserve (the ∿ed), acknowledging that inflation is proving more persistent than expected, raised interest rates five times Treasuries and similarly-dated corporate bonds). The corporate bond market also faced inflationary headwinds, and increasing uncertainty led to higher corporate bond spreads (the difference in yield between U.S. Treasury yield (which is inversely related to bond prices) rose notably during the reporting period as investors reacted to higher inflation and attempted to anticipate its impact on future Both emerging market stocks and international equities fromĭeveloped markets fell significantly, pressured by rising interest rates and a strengthening U.S. stocks fell, declines for small-capitalization U.S. While both large- and small-capitalization U.S. Stocks and economically sensitive small-capitalization stocks. Moreover, while the foremost effect of Russias invasion of Ukraine has been a severe humanitarian crisis, the ongoing war continued to presentĬhallenges for both investors and policymakers.Įquity prices fell as interest rates rose, particularly weighing on relatively high-valuation growth To elevated inflation, which reached a 40-year high.

Changes in consumer spending patterns and a tight labor market led economy shrank in theįirst half of 2022, ending the run of robust growth that followed the reopening of global economies and the development of COVID-19 vaccines. 12-month reporting period as of September 30, 2022 saw the emergence of significant challenges that disrupted the economic recovery and strong financial markets of 2021.

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