The first six months of 2022 were particularly challenging for investors: central banks became increasingly determined to rein in inflation at a time when several factors (including Ukraine conflict) kept pushing up inflationary pressures.
As a result, US Stocks and global bonds had the worst start to a year in more than 50 years (between the start of year and mid-June the S&P500 Index was down 23%).
Since then, a partial recovery took place: US 10-year bond yields hovered around/just below 3% all summer (vs 3.5% in mid-June), and S&P500 is now down 15% YTD. Sector-wise, performance has reversed what we saw in the sell-off earlier in the year, with tech and consumer discretionary sectors faring the best.
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