There’s a bullish tailwind blowing across the major asset classes at the unofficial start of summer. But there’s a new feature to the current rally. Compared with the previous update in April, the range of returns at the moment is less extreme compared with recent history. There’s also less red ink weighing on our standard list of ETF proxies via 250-trading-day windows (the rough equivalent of 1-year returns). Take note too that of the declines that remain, the losses are relatively slight these days.
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