The market discounted a wall of worry in April. Despite some good fundamentals, a downward revision in equities was brought on by inflation, war, and a Fed positioned behind the curve. The central bank’s sustained hawkish stance did no favors for fixed income markets creating a spike in yields. Real assets and the US dollar remained among the last few strongholds for investor capital. Even when the market sought hope late in the month, a persistent lack of any clarity on the primary fronts left markets exhausted.