• Global capital markets generally posted modest gains during May with value stocks outpacing their growth counterparts and international markets topping U.S. stocks.
• Declining interest rates and persistent appetite for yield supported fixed income.
• Coming off a low base in 2020, U.S. inflation (CPI) jumped noticeably in April. Supply chain issues and increased demand resulted in near-term pricing pressure. We do not expect inflation to rise to a level that would ultimately hinder the economic recovery.
• Investors remain suitably compensated to bear risk but should remain attentive to a still nascent global economic recovery
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