Monthly Download: June 2025

US equity markets reached new all-time highs in June, driven by a drop in recession concerns, resilient employment data and lower than feared inflation readings. Geopolitics and the US entering the Israel-Iran conflict failed to derail the speculative mood in markets. Progress on the “One Big Beautiful Bill” also finally gave markets fiscal stimulus that had been expected post-election even as increased tariff policy remained fully in place as the July 9th deadline for the 90-day extension of President Trump’s “Liberation Day” approaches.