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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.