Second Quarter 2022 | Preferred Securities Portfolio Commentary
In the first half of 2022, fixed income markets experienced surprisingly large declines. Initially, concerns over elevated inflationary pressures and geopolitical events triggered expectations for higher interest rates, which weighed on fixed income valuations with longer durations. During the second quarter, credit concerns also began to surface as it became clear that the Federal Reserve sought even tighter monetary policy to tame the surging (and broadening) levels of inflation, even at the cost of potentially slowing down the economy.
As of June 30, 2022
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