Equity markets finished strong as confidence in rebounding earnings powered through a resurging pandemic, high inflation and tightening monetary policy—or signals thereof. Rising long-term rates threatened to curb equity market strength earlier in the year but were left rangebound. The Inflationary outlook was not helped by a labor market that continues to tighten; it does, however, signal an economy relentlessly seeking growth. Despite delays. new fiscal support on the horizon may have added a tailwind.