June 2022

U.S. equity investors experienced a great deal of volatility in May, as they were forced to digest uninspiring inflation and GDP data and continued to grapple with ongoing concerns over future interest rate hikes and imminent quantitative tightening. Despite these headwinds, the S&P 500 still managed to find itself in slightly positive territory at month end, rallying more than 8% off its intra-month bear market low. Fixed income markets also turned in a positive month, their first of 2022, with the Bloomberg Aggregate Bond index gaining 0.64%.