May 2016 Flash Report

Positive economic data and central bank action took center stage once again in May. Bolstered by upbeat economic data including surging home sales, strong durable goods sales, improved retail spending, rising oil prices, and improved personal spending, the tone of the latest Fed minutes turned hawkish, increasing expectations of a near-term rate hike. As a result, the “Fed factor” dominated markets, battering precious metals and emerging market assets while boosting the US dollar to its biggest monthly jump since 3Q 2014.

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