Uncertainty prevailed in Q1, with the Russian invasion of Ukraine causing commodity prices to spike higher. The Fed shifted to a considerably more hawkish position, and the expectation of both higher inflation and higher interest rates resulted in a sharp upward move in yields.
US Treasuries recorded a significant negative return, with longer-duration issues underperforming on a total return basis.
US equity markets declined, with the S&P 500 Index down 4.6%.
The US dollar, as measured by the dollar index, appreciated over the quarter.