Overall Market Backdrop, July

• The new quarter brought with it newfound positivity for developed equity markets; seeing strong gains with the S&P 500 leading the way with 8.97%.
• While equity markets showed promising returns in July there was still evidence of a slowing global economy coupled with inflation reaching new highs.
• The US 10-Year Treasury yields saw a change in trend and dropped by 33 basis points, ending on 2.64%.
• Small-Cap has been the best performing factor for June, returning 8.89%.

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