July 2022

With inflation, rising rates, and now recession fears weighing on the minds of investors, 2022 has gotten off to quite a volatile start. For U.S. stocks, which declined by -19.96%, 2022 has been their third worst start to a calendar year in nearly 100 years, only surpassed by the -22% drop that started 1962 and the great depression era decline of -43% in 1932. For bonds, intermediate-term government bonds more specifically, it was their worst 6-month start to any year in history, with the index (which dates back to 1926) losing -6.65% in the first half of 2022.