Early Stages of the Inflation Cycle

What Happened in April?

April was a challenging month for equities as stocks declined. US growth stocks were amongst the worst performers (-13.6%), followed by US large-caps (-8.8%) and US small-caps (-7.8%). Bonds also
struggled as investment grade corporates were down 6.7%, 7-10 year US Treasuries fell 4.2%, and high yield credits declined 4.2%. Commodities produced mixed returns as crude oil and broad-based commodities rose (+4.1% and +3.9%, respectively) while gold and silver fell (-2.1% and -8.0%, respectively)