– CPI inflation surprise of 8.6% led to a broad sell off in risk assets with the exception of commodities, which rallied on higher oil prices.
– No styles, sectors or factors were a safe-haven. It all declined.
– Emerging markets declined but outperformed developed markets on a 6% jump in Chinese equities.
– Fixed income sold off, and the US Dollar rallied more than 2%.
![World Wrap](https://www.cypresscapital.com/wp-content/uploads/Research/Reports/20220613-World-Wrap-pdf.png)