Weekly Market Recap
June 11, 2021
This week the S&P 500 hit a new high for the first time in over a month; volatility fell to a new 1-year low and the growth style outperformed value. The weekly jobs report once again showed improvement while an inflation report was higher than expected: the May Consumer Price Index was up 5.0% from a year ago, or up 3.8% excluding food and energy prices. Paradoxically, Treasury yields fell to levels not seen in 3 months, with the 10-year Treasury touching 1.45% near the end of the week. The large spread between headline inflation rates over Treasury yields has our eyes on the Federal Reserve press conference next week on Wednesday afternoon. Will these numbers push the Fed into openly discussing the tapering of bond purchases? We will also get an inflation update at the producer level next Tuesday. If your needs are changing or if you would like more information on the markets or your portfolio, please contact your Buckingham advisor.
Ryan P. Johnson, CFA, CFP®
Director of Portfolio Management & Research