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US GDP unexpectedly declined at an annualized rate of 1.4% in the first quarter of 2022, coming off an exceptionally high growth rate of 6.9% in Q421. The economy contracted mostly due to a significant increase in the trade deficit, with more imports than exports as domestic consumer demand remained strong, while lockdowns in China and the war in Ukraine took a toll on global demand for US products.

Volatility across asset classes remains elevated as market participants continue to recalibrate expectations on the trajectory of monetary policy, the subsequent impact on asset valuations, and the overall impact to the domestic and global economy.