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Finding a broader path through narrow markets

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Global equity markets posted generally strong results in the second quarter, as a June rally more than made up for mixed performance in April and May. U.S. stocks led the charge, driven by the surging technology sector. Outside the U.S., developed markets outperformed their emerging markets (EM) peers. With inflation easing but still running too high, the U.S. Federal Reserve raised interest rates by 25 basis points (bps) in May before pausing in June. Other central banks around the world also continued to prioritize fighting inflation and warned of further tightening. Meanwhile, the odds of a global recession occurring before year end diminished amid signs of firming growth and resilient labor markets.

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