The year 2022 was a disaster for financial markets, with the S&P 500 posting its worst annual performance since 2008, and global bonds entering a bear market for the first time in 70 years.
Inflation reached multi-decade highs, prompting central banks to embark on the most aggressive tightening cycle in a generation. Meanwhile, investors had to contend with geopolitical uncertainty, as Russia’s invasion of Ukraine caused massive spikes in energy and food prices, which disproportionately impacted emerging market economies. As a result, commodities were among the few assets that finished the year in the black.
jkresearch 