– Global equities closed lower for the third week in a row.
– Energy was the only US sector, style, or factor to close in the green.
– China fell 4.1% last week, pushing it into correction territory. China has fallen more than 13% from January highs.
– Stronger than expected PCE inflation pushed yields on the 2Yr Treasury to 15-year highs.

– Every key asset class declined. Commodities fared worst on lower oil prices.
– Sectors were mixed, with five of six sectors advancing. Utilities and Consumer Discretion led all sectors.
– Developed markets were flat. It was a decline in emerging markets that pulled down broad international indices.
– Bitcoin rallied 13.6% and is up 47% year to date as it attempts to recover from heavy losses in 2022.