– Global equities and commodities advanced, while Global Fixed Income suffered losses.
– Interest rate sensitive sectors struggled. Real Estate dropped 2.4%, and Utilities declined by more than 4%.
– Fed’s Bullard sees two more rate hikes needed in 2023, while Fed’s Kashkari says a rate hike in June is a close call.
– Yields on the 30Yr Treasury approached 4%, the highest level since March.

– While not severe, all major asset classes declined last week.
– Another advance by Large Growth stocks was insufficient to keep every other style and factor from dragging down cap-weighted indices.
– Latin America stood out, advancing 2.8% in a week when most equity markets declined.
– Spreads between different durations of short-term Treasury Bills have been volatile over the last six weeks as debt-ceiling talks continue.