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On the SPOT blog (06/30/2022) [D..]

Updated: Aug 31, 2022

PCE data for May seems to have flattened compared to April. I think this does not include food and gas prices. Nevertheless, that is not bad news but it simply means that progress is not good enough and raises speculation about another 0.75 rate hike next month. Perhaps, this is what took the US indices down and closed the second quarter in red. Apparently, last 6 months have been one of the worst 6-month-performance for the S&P500 since 1970. More importantly, it is still not clear if markets have found the bottom yet.

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