First Quarter and March 2022 in Figures

April 1, 2022

March 2022 saw pandemic distortions to growth and inflation subside, only to be superseded by risks from the war in Ukraine. Commodity prices got an upward jolt, forcing central banks to prioritize the containment of inflation above a stance that had supported recovery from the pandemic. The Bank of England, Bank of Canada and Federal Reserve were among many central banks around the world that increased interest rates during the first quarter. The ECB reined in quantitative monetary support and prepared markets for expecting an interest rate hike later this year, but the Bank of Japan and Swiss National Bank were adamant in holding onto highly expansionary policies.

Commodity-sensitive currencies performed well. The dollar benefited as a refuge currency. Long-term interest rates adjusted to shifting inflation expectations, but equities, which had tumbled in January-February recouped ground during March in several countries.

10-Yr Yield 03/31/22 1st Qtr Chg March Change
U.S. 2.39% +88 Basis Pts +56 Basis Points
Germany 0.54% +73 +41
Japan 0.20% +14 +2
U.K. 1.61% +65 +20
Canada 2.40% +98 +56
Switzerland 0.54% +71 +33
CB Policy Rate 03/31/22 1st Qtr Chg March Change
Fed funds target 0.25/0.50% +25 Basis Points +25 Basis Points
ECB deposit rate -0.50% 0 0
BOJ policy rate -0.10% 0 0
BOE Bank Rate 0.75% +25 +25
Swiss 3M Libor -0.75% -0.75% 0
FX 03/31/22 1Q Chg in $ Mar Chg in $
EUR/USD 1.1067 +2.7% +1.3%
USD/JPY 121.67 +5.7% +6.0%
USD/CHF 0.9231 +1.2% +0.6%
GBP/USD 1.3135 +3.0 +2.1%
AUD/USD 0.7481 -2.9% -2.9%
NZD/USD 0.6949 -1.5% -2.7%
USD/CAD 1.2502 -1.1% -1.5%
USD/CNY 6.3400 -0.3% +0.5%
Equities 03/31/22 1st Qtr Chg Mar Chg in $
S&P 500 4530 -5.0% +4.1%
Nasdaq 14221 -9.1% +3.4%
Djia 34678 -4.6% +2.4%
Dax  14581 -8.2% +0.8%
Nikkei 27821 -3.4% +4.9%
Ftse 7567 +2.5% +1.5%
Canada TSE 21890 +3.1% +4.1%
Swiss SMI 12260 -4.8% +2.3%
Commodities 03/31/22 1st Qtr Chg Mar Chg in $
Oil, $ per barrel 100.35 88.31 +33.4%
Gold, $ per ounce 1937.44 1798.50 +6.0%

Copyright Larry Greenberg 2022.  All rights reserved.  No secondary distribution without express permission.

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