Developments that manifested during the first quarter persisted into April as capital markets experienced widespread pullbacks. Investors yearned for some type of solace within markets, but that did not come to fruition last month given the various global events that continue to rattle economies. The war in Ukraine, draconian lockdowns in China to oppose the recent local uptick in COVID-19 cases, and the probability of substantially tighter U.S. monetary policy all weighed on sentiment. Market volatility has remained elevated when compared to pre-pandemic levels and several areas along the yield curve briefly inverted, typically thought of as a forecast for a recession.

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