While U.S. December inflation figures (6.5%) declined significantly from their top in June (9.1%), the combination of higher prices, rising interest rates, and geopolitical concerns weighed on investors’ wealth creation over the course of the year. During 2022, the Federal Reserve raised the fed-funds rate seven times, including four consecutive increases of 75 basis points (bps), shifting the interest rate range from 0% to 0.25% up to 4.25% to 4.50%—a 15-year high. This had a significant impact on both equity and fixed income returns, which from a historical perspective were usually not very highly correlated—not true for 2022. The average

For the Lipper fund-flows week ended December 12, 2018, we reported two record weekly flows figures. While the headline numbers showed that investors were overall net purchasers of fund assets (including conventional funds and ETFs), injecting $21.3 billion for the fund-flows week, we noted that the only recipients of net new money were money market funds, attracting a net $81.2 billion (their largest weekly net inflows on record). However, we also reported that investors were net redeemers of equity funds (-$46.2 billion, just shy of twice the net redemptions of any other week going back to 1992), taxable fixed income