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The earnings growth outlook has deteriorated. Rising bond yields, energy prices and supply disruptions will keep volatility elevated.

Economic conditions have tightened throughout the month of April.

The first quarter of 2022 was dominated by the ongoing war in Ukraine and the actions of central banks to curb the impact of inflation.

Economic conditions have tightened. The cost of living has risen and policy and geo-political risks are high.

Global macro and geo-political risks are high at a time when US equity valuations appear elevated.

Global macro and geo-political risks are high at a time when US equity valuations appear elevated.