U.S. equities were positive across all the styles and market caps. (S&P 500 +2.35%, S&P 400 MidCap +1.78%, Russell 2000 +0.80%).

International markets were also generally positive in May. The MSCI Frontier Index was again a standout performer up +6.04% for the month and year to date it is up +20.39%.

Defying most analysts’ expectations, the 10-year Treasury yield ended the month at +2.46%, down 55 basis points since the beginning of the year.