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May showed us it is never quite that easy for asset classes to continue printing positive month after positive month (or negative after negative month) into infinity.
In this case, it was bonds seeing their first sign of life in quite some time, catching a bid mid-month as the equity sell-off gained acceleration.
Meanwhile, we’re in the last month of the first half of the year and still on pace for one of the worst performances of the 60/40 portfolio in the past 100 years.