– January was a difficult month. The S&P 500 had its worst week since March 2020 and the Nasdaq its worst month since October 2008. Most equity funds saw their worst monthly performance for a long time. On the bond side, fears of slower growth and higher inflation have weighed on bond markets. The US yield curve flattened as markets anticipated higher interest rates in the near term. However, over the longer term, they priced in weaker growth and inflation numbers.