The selloff in equities accelerated last week. The S&P 500® index fell 15 percent, its worst week since 2008, leaving the index down 32 percent from its February 19 high, and down 29 percent on the year. At the sector level, real estate was far and away the worst performer. Also, notably weak were energy, industrial and financials. All eleven sectors were lower, with the best performer, consumer staples, still falling by 11 percent. For the week, The Chicago Board Options Exchange VIX index averaged 72. Treasury bond yields were lower on the week, as bond market volatility remained elevated. The ten-year yield fell 11 basis points to 0.85 percent, and the thirty-year bond yield fell 12 to 1.42 percent. High yield credit spreads widened sharply once again, rising 278 basis points to 1009. It was the fifth straight week of wider spreads that have climbed 653 basis points in that time, to their widest since 2009. The municipal bond market also remained under extreme pressure as selling accelerated, particularly at the shorter end of the yield curve.