2022 was a historically difficult year for the financial markets driven by higher inflation, rising
interest rates and continued aggression by Russia in Ukraine. The stock market, as measured by
the Index, declined 18.1% for the year, marking the worst one-year calendar return since 2008
and the fourth worst calendar year return since the Great Depression. Results were similar with
both International and Emerging Market stocks. The bond market, which historically provides
support during periods of equity volatility, did not fare much better than the equity markets.
The Barclay’s U.S. Aggregate Bond Index, widely considered a proxy for the U.S. bond market,
declined 13.1% for the year, its worst annual performance in its 50-year history.Read Article