June Monthly Market Review

An excerpt from our June Monthly Market Review: Global markets surged higher in June, adding to May’s heady gains. U.S. equities reached record highs, advanced and emerging equity markets rose, U.S. Treasury yields fell across the maturity spectrum, investment grade and high yield credit spreads tightened, and equity and bond market volatility moderated. The market’s cheer persisted despite continued sour business and household sentiment, elevated policy uncertainty, slowing economic growth, a looming tariff-induced increase in prices, a short-lived war in the Middle East, and the prospect of mushrooming fiscal debts, deficits, and debt servicing costs. Oil prices and volatility spiked in June following the attack on Iran’s nuclear capabilities, rising 7.1% to partially reverse their downward trajectory of much of the year. Bucking the exuberant trend across global equity and bond markets, the U.S. dollar index fell further in June, bringing its decline in the first six months of the year to over 10%.

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