INVESTMENT COMMENTARY – FOURTH QUARTER, 2022
The markets closed the year down as most asset classes continued to perform poorly. For the year, the S&P 500 declined about 18%. The bond market also closed the year down (the Bloomberg U.S. Aggregate Bond index fell about 13%) as the Federal Reserve (Fed) raised interest rates and reduced its balance sheet (i.e., not reinvesting the proceeds of maturing securities)...