1Q 2022 Market and Economic Overview

Almost exactly two years ago we faced a multitude of concerns that led to the fastest market falls in a century. At that time, the highest Covid death rates were being reported, unemployment was hitting massive record levels, economic lockdowns were taking hold all over the world, and economists were declaring us to be in recession. Yet through all of that negative sentiment, many equity markets were somehow able to pick themselves up and go on to hit all-time highs in less than one year from the depths of the sell-off. Today, we face similar market uncertainties, albeit for different reasons. This time around, we have concerns about inflation and the Central Bank response to it. On top of that, we now have the conflict in Ukraine together with renewed lockdowns in parts of China