A year of pain: investors struggle in a new era of higher rates
Twelve months after Jay Powell called an end to super-cheap money, fund managers are still adjusting to a very different environment
Below is an instruction that describes a task. Write a response that appropriately completes the request.

### Instruction: A year of pain: investors struggle in a new era of higher rates

### Response: Twelve months after Jay Powell called an end to super-cheap money, fund managers are still adjusting to a very different environment