Year 2022, thy name is volatility, at least according to a report from investment banking firm John B. Levy & Company. The publisher of the Giliberto-Levy mortgage indexes noted that "more than 60% of the time, a change in Treasury yields is accompanied by a credit spread move in the opposite direction." But in the first quarter of 2022, both moved up, an event that happens only 16% of the time.
In February 2022, the firm noted that "if volatility is the style, then 2022 should fit perfectly!"
The Giliberto-Levy Commercial Mortgage Performance Index, G-L 1, showed a total return of -4.41% for the first quarter of the year.
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