A Tale of Two Markets The US government bond market experienced further flattening and a partial inversion this week while equity markets ended the week mostly flat after reaching a 2 month high on March 29, 2022. Equity indices retreated in the later part of the week after the latest round of peace talks between Russia and Ukraine stalled. The S&P 500 has recovered 3.7% in March, after entering correction territory in February (falling more than 10% from a peak in January). Record Buybacks Companies across sectors have been continuing their share buyback spree that gained momentum during 2020 in the earlier days of the pandemic. Companies repurchase (or buy back shares) when they think that their own share price is undervalued and to reassure investors during periods of market volatility. According to data from Goldman Sachs, a record $319bn of share buybacks have been authorized this year, as compared to $267bn at the same time last year....