It is not news that 2022 has been a very difficult year for investors. Many global equity benchmarks have declined more than 20 percent, and even bond market indices have declined 15 percent through September 30, marking one of the worst years on record for balanced portfolios which are typically buoyed by fixed income investments. Some of the challenges facing markets and economies this year, like the residual effects of the pandemic, inflation, and the war in Ukraine, are well understood by most at this point. What may be less well-understood is the role that the US Federal Reserve plays in impacting the economy and asset prices.