Insights

Sentiment wavered somewhat in June, with growing optimism on the reopening and the recovery at odds with fears about the emergence of the highly-transmissible delta variant.

Extreme optimism throughout 2023 gave way to growing skepticism in August as investors contemplated the trajectory for monetary policy.

In April, financial markets were whiplashed by a flurry of headlines on the trade front. While “Liberation Day” was met with sweeping tariff announcements, the trade war between the United States and China escalated with tit-for-tat levies.

The second quarter got off to a solid start, with both stock and bond markets generating positive results in April.

Financial markets fluctuated at the end of the second quarter as investors contemplated the environment of resilient growth, persistent inflation, and the trajectory for monetary policy.