• U.S. equity markets rallied in the second quarter, rising 8.4% (Russell 3000) on continued moderating inflation. The Consumer Price Index (CPI) peaked last June and has since come down.
  • International equities rose to a lesser extent, posting a 2.4% gain over the quarter (MSCI ACWI ex U.S.).
  • The broad U.S. fixed income market returned -0.8% (Bloomberg Barclays Aggregate) over the quarter
  • The U.S. labor market remained tight during the quarter with unemployment at 3.6% in June.
  • Large cap growth stocks had a strong quarter, with the Russell 1000 Growth up 12.8% and outperformed the Russell 1000 Value by over 8 percentage points.
  • The Federal Reserve raised interest rates 25 basis points during the second quarter. The Fed will continue to analyze incoming data on inflation in deciding whether to continue its interest rate hiking regime.
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