ReCAP

Summary Investors entered June with optimism, the previous month had provided hope that inflationmay be easing, perhaps giving the Fed some breathing room to slow the pace of thetightening cycle, and markets had produced positive returns in May. Perhaps the worst wasover? Instead, it was more bad news, as inflation came in higher than expected,…

Summary After a dismal April, and a late May rebound, U.S. markets ended May almost flat. Developed equities shrugged off global recession concerns to rally strong into month-end, erasing earlier losses. Emerging markets continued to be weighed down by China’s aggressive COVID lockdown measures. Interest rates reversed trend and declined in May, giving bonds their…