A fact of investing, bond prices generally fall as interest rates rise. This happens as holders of existing bonds sporting lower yields (which is the coupon paid divided by the price of the bond) sell them in favor of newly issued bonds carrying now higher going-forward yields. As the prices of older bonds fall, their yields rise. Initiated more than two years ago, a generally sustained upward shift in interest rates has pressured the broader bond market. But, those rate rises have left going-forward yields on fixed income investments materially higher. Further, continued strength in the broader economy has lifted equities, potentially offsetting drops in the fixed income side of portfolios exposed to both major asset classes.