2022 got off to a rough start in Q1 as Russia’s invasion of Ukraine rattled governments and financial markets alike. Supply chains that were already in stretched to their limits by the Covid pandemic have been further strained by sanctions enacted by many western countries as a protest to the Russian aggression. Commodity prices and interest rates were up however, indicitive of the inflationary pressures being felt worldwide and maybe most clearly indicated by the price of oil which is now over $100 per barrel.

In the fourth quarter, developed market equities continued to rally with US Stocks leading the way up the “Wall of Worry”. Seemingly, there were many reasons for investors to take pause in Q4.