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Quarterly Market Update

Commentary First Quarter 2022. Quarterly Market Update PRIMARY CONTRIBUTORS. Lisa Emsbo-Mattingly, CBE Jake Weinstein, CFA Andrew Garvey Director of Asset Allocation Research Research Analyst, Asset Allocation Research Research Analyst, Asset Allocation Research Dirk Hofschire, CFA Jenna Christensen SVP, Asset Allocation Research Research Associate, Asset Allocation Research Table of Contents Market Summary Economy/Macro Backdrop Asset Markets Long-Term Themes Market Summary Positive Mid- cycle Backdrop, but Volatility on the Rise Asset prices experienced some intra-quarter ups and downs as markets grappled with an uneven global SUMMARY.

Positive Mid-Cycle Backdrop, but Volatility on the Rise ... EmergingMarket Stocks- —MSCI EM Index; Gold—Gold Bullion, LBMA PM Fix; High-Yield Bonds—ICE BofA High Yield Bond Index; InvestmentGrade Bonds- —Bloomberg U.S. AggregateBond Index; NonU.S. Developed- Country - ... A growth recession is a significant decline in activity relative ...

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