What Happened in Q1 2022?

The S&P 500 Index returned -4.6% during Q1 2022, and the MSCI All Country World Index fell -5.3%. Q1 saw a notable rotation into inflation sensitive assets. The Bloomberg Commodity Index was up 25.6%, the United States Oil Fund LP (USO) increased by 36.4%, and the Energy Select SPDR Fund (XLE) rose 39%.