Tightening financial conditions and higher interest rates continue to adversely impact the trajectory of the US and global economy. Inflation is weighing heavily on consumer sentiment and beginning to impact discretionary spending. Labor markets remain strong, but wage gains are not keeping up with inflation. While we expect the Fed to continue to tighten monetary policy, evidence of slower economic conditions has begun to mount. Over the near-term, we expect financial market volatility to remain intensified and conditions to remain tighter with persistent inflation, geopolitical risk, supply chain bottlenecks, and the Fed’s shift to a more hawkish monetary policy.