Our latest Market Perspectives provides timely economic and financial expertise on emerging trends and issues that are top of mind with our clients.
- July was a positive month for U.S. stocks, with the S&P 500 leading the way with a 2.1 percent return, followed by mid-caps at 1.5 percent, and small caps, which notched a 0.7 percent gain.
- International equities had a positive month, outperforming their domestic counterparts and adding to their impressive gains for the year. Year to date, U.S.-based investors in the MSCI EM and the MSCI EAFE have achieved returns of 25.5 percent and 17.1 percent, respectively.
- All major fixed income benchmarks saw gains in July, with municipal bonds outperforming their taxable counterparts.
- Estimates for second quarter GDP growth came in at 2.6 percent, a robust improvement from the lackluster first quarter numbers, and job creation remained strong in July.
- As widely expected, the Fed left its benchmark interest rate unchanged, while providing little additional detail regarding plans for unwinding its balance sheet, stating only that it would start the process “relatively soon.”