Summary

• As the second quarter unfolds, inflation continues to make slow progress, economic growth is solid but narrow, and labor markets remain in an uncomfortable balance.
• Equity markets are adjusting to a more uncertain world and will likely remain volatile until the Middle East conflict resolves.
• Together, bond yields and spreads are as high as they’ve been in a year, providing compelling all-in yields.
• In the municipal bond market, a barbell maturity structure helps maximize yield and roll potential.

As Middle East conflict rattles markets, we’re once again at a crossroads. AI’s long-run potential remains the primary economic and market driver, but lingering anxieties could create resistance in the transition from old to new economy. We still see upside, but more

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