The economic landscape in 2022 wasdriven by the Federal Reserve's steadfast commitment to combating high inflation with fast-paced monetary tightening. The Fed's efforts have resulted in a challenging investment period for both stocks and bonds. A balanced global portfolio with 60% stocks and 40% bonds was down approximately -20% through the end of October. Expectations are for the Fed to continue its restrictive policy for the near future, which leaves investors facing a challenging backdrop including a potential global recession and slowing economic growth.

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