Throughout this year, we have spent significant time discussing inflation and the Federal Reserve, so we felt it was important to pivot towards the story in financial markets for 2022, which begins and ends with fixed income. The headline grabbing 2.50-4.50% rise in interest rates corresponded with a decline of 7% to 15% in value for bonds, depending on particulars. We have come to expect the losses we saw in the equity markets (down 9% to 35%, again depending on the specifics), but losses in