Weekly Commentary | January 9, 2022

Macro Picture

Equities were down in the first full trading week of the new year in the worst starts since 2016.  The driver was rising interest rates as Fed minutes hinted at more aggressively removing monetary stimulus.  The yield on the 10-yr US treasury spiked to 1.79%, the highest since the start of Covid, up from 1.5% last week.

The S&P 500 hit a new…