May was defined by considerable intra-month volatility that ended with markets up marginally. It seems the lockdown in China, tightening monetary policy, and the war in Ukraine did not yield a clear catalyst for change in sentiment.
The Federal Reserve proceeded to increase rates by 0.50% in May, in-line with market expectations. The market is now grappling with what the path for the future rates might look like in the latter half of the year.
Municipal bonds bounced back following weeks of record outflows, with values appearing attractive versus taxable Treasuries.
International developed and emerging market equities performed better, despite the continuation of Covid restrictions in China.
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