June Market Update

By Kevin Chambers

June was a mixed month in financial markets. The US Stock market continued to climb to record highs. The S&P 500 increased 0.6%, pushing it up to over 9.5% for the year. On June 14^th, the Federal Reserve increased the Federal Funds Rate target to 1% - 1.25%, although they remain cautious concerning their goal of 2% inflation. Even with the rate hike announcement, yields fell through most of June, making bond prices basically flat for the month with a return of 0.10% (BC AGG). International Developed Stock markets fell for the month by 0.2% (MSCI EAFE) after the surprise result of the British election.  Global yields increased slightly over the month, driving down international bond prices by 0.2% (JPM GBI).

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