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Interest rates continued to rise higher this quarter. This brought fresh concerns for the economy as a whole and, in particular, liquidity in the banking sector. Not surprisingly, taking rates from 0.25% to 4.75% in the past year removed a lot of liquidity from the system, and we are now beginning to see the consequences.
With 2022 now in the rearview mirror, we reflect on a year in which stocks and bonds finished significantly down. Investors have not seen a year with negative returns for both major asset classes in over fifty years, when rapid inflation in the mid‐1960s forced the Federal Reserve to increase interest rates.
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