We had been expecting volatility for over a year and it finally arrived in the first quarter. While we didn’t predict a war in Ukraine, we thought valuations in both bonds and stocks were relatively high and the U.S. Federal Reserve (Fed) could potentially raise interest rates and stop its bond-buying program faster than investors expected.

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The Quarterly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.