A first half worth forgetting

Contrasting narratives are plausible and in play after a truly terrible six months for the markets

The year so far has proved to be very difficult for investors. There has been no place to hide, and market volatility has been elevated. In the span of a few months, we have seen the fourth fastest rise in commodity prices ever, following the Russian invasion of Ukraine, as well as the third fastest fall—over the last few weeks! Bond yields have also seen high volatility, with exaggerated moves in both directions since the beginning of the year.

Taking a look at the numbers, clearly there was no place to hide for financial market players. Unless you were invested in