The environment that has been the foundation of global financial markets for the past 25 years is undergoing a seismic shift. After several decades of historically low inflation and ultra-accommodative monetary policy, central banks across the globe are raising interest rates to battle inflation. Simply put, the era of easy money is over. 

Important Risks: Investing involves risk, including the possible loss of principal.Security prices fluctuate in value depending on general market and economic conditions and the prospects of individual companies. • Investments in the commodities market and the natural-resource industry may increase liquidity risk, volatility and risk of loss if adverse developments occur. • Fixed income security risks include credit, liquidity, call, duration, and interest-rate risk. As interest rates rise, bond prices generally fall. • Municipal securities may be adversely impacted by state/local, political, economic, or market conditions. • Loans can be difficult to value and less liquid than other types of debt instruments; they are also subject to nonpayment, collateral, bankruptcy, default, extension, prepayment and insolvency risks. • Foreign investments may be more volatile and less liquid than US investments and are subject to the risk of currency fluctuations and adverse political, economic and regulatory developments. These risks may be greater, and include additional risks, for investments in emerging markets.

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