Investment Review - June 2025
- After a choppy start to the year, the S&P 500 erased all losses for 2025 in May following a meaningful de-escalation of US-China trade tensions. The S&P 500 fell as much as 12% in the week following President Trump’s “Liberation Day” tariff announcement on April 2 but has since recovered. The S&P 500 rose more than 6% in May.
- Global sovereign yields have been climbing. Japan held one of the worst long bond auctions in decades on May 21, when a weaker-than-expected sale of 20-year paper triggered a major selloff in Japanese debt. Despite the influence of rising Japanese rates on Treasury yields, the rate on the benchmark 10-year U.S. note is still below 4.5% — slightly below where it started the year, and roughly where it was 12 years ago.
Key Investment Statistics
Sources: FactSet, Dow Jones Publishing, Bloomberg, Bureau of Labor Statistics, National Association of Realtors, U.S. Bureau of Economic Analysis, Institute for Supply Management, U.S. Federal Reserve, Congressional Budget Office, Moody’s Ratings
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