Four big things you need to know: (1) First, we’ve trimmed our year-end 2022 S&P 500 price target from 5,050 to 4,860. The recent move up in bond yields was the biggest contributor to the downward revision to our forecast. (2) Second, we think US equities are likely to keep benefiting from safe haven status for a bit longer. (3) Third, we continue to be more intrigued with Growth than Value going forward, though we’d be highly selective in our Growth exposure. (4) Fourth, while Small Caps are looking interesting again on valuation and positioning, we remain concerned that fundamentals will stay challenging for Small Caps given the downshift in economic expectations towards slower growth.