A poor first half of the year ended with major equity indexes in bear market territory and bond prices falling at the fastest pace in decades. Concerns about inflation and the implications for monetary policy were at the top of the investor “Wall of Worries.” With no end in sight for the war in Ukraine and doubts about the outlook for Chinese growth, there was not much good news during the second quarter. The risk of recession is higher than was the case to start the year, with considerable debate about the potential timing and severity of a recession in the U.S.