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Markets – July 2014

Despite disappointing economic growth in the US and abroad, the promise of continued monetary accommodation encouraged buying of everything (other than cash) such that virtually all asset classes saw gains for the quarter and calendar year with global equities up 6.2%. With the exception of a modest 0.1% loss for June in Treasuries, all 26 markets tracked by our consultant reported gains for both the month of June and 2014 y-t-d. Commodities recovered on the back of dovish global monetary guidance and turmoil in the Ukraine and the Middle East. Gold rallied 6.1% in June (10.0% y-t-d), while the GSCI index gained 2.1% (5.7% y-t-d). The volatility index, one measure of “fear” in the market, declined to near record lows for both equities and many other asset classes.

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POSTED IN: Market Perspectives