Higher for Longer Strategy When we look back on 2022, we cannot overestimate the damage the fixed-income markets inflicted on investors. Investment grade corporate bonds fell 16%. Long-term treasuries had a total return of -29%. High yield bonds fell 11%. Even very short-term treasuries declined 3%. It was the worst year for fixed-income investors in roughly 40 years. Equity markets also declined sharply. The S&P 500 fell 18% and th..