Please see League Business Leaders Network member PFM’s Multi-Asset Class Monthly Market Review for May below.
Economic and Market Highlights
- Domestic equity markets, as represented by the S&P 500 Index (S&P), continued to rebound in May, returning 4.76%. Investors were cautiously optimistic as most states in the U.S. began reopening, and the Federal Reserve (Fed) continued to pledge its monetary support.
- Non-U.S. equity markets, represented by the MSCI ACWI ex-U.S., ended the month up 3.27% as economies broadly continued to see declines in new coronavirus cases and began to exit lockdowns. Developed markets ex-U.S., represented by the MSCI EAFE Index, returned 4.35%, while emerging markets (EM), represented by the MSCI Emerging Markets Index, returned 0.77% in May.
- Yields were mixed across the U.S. Treasury Yield curve, with the two-year down three basis points (bps), and the 10-year yield up one bp.
Click below to read the full recap and PFM’s Items to Watch
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