Global markets had a rough start to the year. After a strong finish in 2021, global markets retreated in January as the US Federal Reserve (Fed) indicated aggressive actions to fight inflation. The Dow Jones and S&P 500 tumbled 3.3% MoM and 5.3% MoM, respectively. Moreover, the MSCI Frontier Markets Index (MXFM) and MSCI Emerging Markets Index (MXEF) declined 3.6% MoM and 1.9% MoM, respectively. 

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