According to the latest U.S. Bureau of Economic Analysis (BEA), real gross domestic product (GDP) decreased at an annual rate of 1.4 percent in the first quarter of 2022.  This is a dramatic reversal following an increase of 6.9 percent in the fourth quarter of 2021. In the first quarter, a number of factors appear to have impacted the markets including, but limited to: there was a resurgence of COVID-19 cases from the Omicron variant and decreases in government pandemic assistance payments. Moreover, the quarter experienced some turbulence from supply chain delays and disruptions, which were further exacerbated by the widening conflict in Ukraine. This troubling decline in the midst of inflationary pressures has raised the specter of “stagflation” not seen since the Carter failed presidency.