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Commentary
Markets
Sep 2022

Structured Products Briefing

There was again nowhere to hide for investors during the quarter. Total returns for both equities and fixed income were negative, as the S&P 500 Index was down 4.89% and Bloomberg US Aggregate Bond Index (the “Agg”) down 4.75%. Of the 187 quarters since 1976, a negative quarterly return for both stocks and bonds has occurred just 21 times. The third quarter of 2022 marked the first time when both stocks and bonds were negative for three consecutive quarters.