May 2022

After a lackluster Q1, markets got off to a rocky start to begin the 2nd quarter with the S&P 500 declining by -8.72% and the Bloomberg US Aggregate Bond Index declined by -3.79% in the month of April bringing YTD losses to -12.92% and -9.5% respectively.  Both stocks and bonds felt the pain of higher rates, specifically higher longer-term rates, the consequence of potentially stickier inflation being priced into the longer-term equation.  The lone bright spot, commodities, gained 4.14% for the month (30.75% YTD), reflecting their typical positive correlation to inflat