“Nowhere to hide” was a phrase that we continued to hear throughout the second quarter as risk markets sold off while inflation surprised to the upside, the Fed leaned hawkish and the war in Ukraine raged on. The Bloomberg Aggregate Index was down about 4.5% bringing the year-to-date performance number down 10%. There really was no place to hide unless you were heavily invested in Asia Pacific debt, as this area of the market was up marginally. The table to the right shows just how difficult it was to find a safe spot within the bond market as rates dominated the market tone.

Read the full newsletter here: INVESTMENT OUTLOOK Q2 2022