In May things went well for shareholders though they essentially only made up April’s losses. U.S. tech stocks again outperformed other asset classes. U.S. bondholders also had a good month, despite the fact that the Fed is now expected to refrain from cutting interest rates until later this year. In Europe, however, bonds softened as yields rose in response to higher inflation and growth figures. We think the economic and interest-rate environment looks generally benign, but the risk-return profile of most asset classes is evenly balanced.
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