
APW Investment Committee Q2 2022 Commentary
Q1 2022 Review The first quarter of 2022 saw a decline in every major asset class except commodities (up 33%). It was the worst first quarter for US bonds in 40 years and global bonds did slightly worse. Inflation continued to soar unabated as the headline CPI rate spiraled upward recording a reading of 7.48% in January, 7.87 % in February, and 8.54% in March.