To say the global economy has changed in the past few months is an understatement, with multiple factors converging to create an uncertain future for many: + Fiscal policy: Governments around the world responded to COVID-19 with stimulus payments north of 20% of GDP . This injection of cash into their economies , along with other factors, has fueled substantial inflation . + Monetary policy: Governments are moving out of a low interest rate environment with some of the largest rate increases seen in decades. For example, the US Federal Reserve raised rates by 0.75% in June, the largest increase since 1994. + Stock market performance: We are moving from one of the best bull markets ever to a bear market as concerns rise over inflation, interest rates, the war in Ukraine, supply chain issues, and more . + Consumer confidence is at an all-time low: The consumer sentiment index reached 50.2 in June 2022 , the lowest recorded level since tracking began in 1952. + Corporate response: Many companies are engaging in mass layoffs , hiring freezes, and corporate spending cuts. From easy money to tight money