The start of 2022 has quickly undone the relative calm across markets that was a hallmark of 2021. In credit markets alone, the number of volatile days, defined as a change in spread of 10 basis points or more, has already surpassed the total number of such days for all of last year. The downside in some markets has been severe, with peak declines for the S&P 500 and NASDAQ at -12.2% and -19.5%, respectively. Credit has also followed equity markets lower, with peak to trough declines in high yield bonds and senior secured loans of -6.3% and 2%, respectively. Higher-rated fixed income has been particularly hard hit, reflecting the rising interest rate environment. As of March 30, the Bloomberg Agg is down nearly -6% year to date, surpassing its lowest annual return on record. It has certainly been a difficult quarter for traditional debt and equity investors.