April was an abysmal month for most risk assets, with the S&P 500 index (large US companies) declining nearly 9 percent bringing year-to-date losses for the index to almost 13 percent. In addition, unique to 2022 relative to historic norms, bonds have not offered much shelter from losses. The Bloomberg Barclays US Aggregate Bond index has declined 9 percent in 2022 after losing nearly 4 percent in April alone. Investors have been focused on the same risks for most of the year, and many of these risks are related and continue to evolve together.