As inflation soared across the world over the past two years, global monetary policy became strikingly coordinated. To slow the growth of price increases on goods and services, central banks across DM and EM countries have had to swiftly and decisively raise policy rates. The outcome has been a significant adjustment higher in interest rates in most bond markets, which has resulted in noticeably negative total returns the world over. Other than a few notable exceptions like China and Japan, investors have had nowhere to hide.