Equities suffered through a tough year in 2022 with all major indexes down sharply as investors grappled with a host of challenges ranging from rising interest rates and inflation to war in Europe. Year-end weakness reflected ongoing effects from Fed tightening as well as concerns that hawkish monetary policy could lead to recession in 2023. For the full month, all three major equity indexes decreased with the Dow Jones Industrial Average down 4.2%, the S&P 500® index down 5.9%, and the smaller-cap weighted Russell 2000® decreasing 6.6%.