June 2022 Economic and Market Highlights

The CPC Team

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  • June proved to be another difficult month for equities and bonds alike as markets moved to price in further interest rate increases, disappointing inflation data, and looming recession fears.
  • This is now the worst first half of the year for the S&P 500 in over 50 years. Bonds are having the worst first half since the 18th century, failing to provide the protection that investors usually look to them for.
  • The Federal Reserve displayed their commitment to fight inflation via a 0.75% interest rate increase.
  • Bond prices struggled as yields rose into mid-June before reversing course in the latter half of the month.
  • Despite rising recession fears, consensus analyst forecasts still expect positive growth in corporate profits for both this year and next. Therefore, all eyes will be on earnings for the second quarter.
Source: Morningstar - All performance is percentage change of total return
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