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Weekly Commentary Summary

Have rising bond yields forced action on the Strait of Hormuz when rising consumer inflation rates couldn’t? If so, it wouldn’t be the first time that bond markets flexed their muscles, and it won’t be the last. Many observers believe that a moderation of the sweeping and sometimes nonsensical US tariffs announced on “Liberation Day” last April was attributable to an alarming spike in the 10 yr. Treasury yield. Stocks and bonds up on the week (bond prices up, yields down). The MSCI EAFE and MSCI Emerging Markets indices outperformed the S&P 500. The best performing sectors in the S&P 500 were utilities, health care, and REITs. Across US Russell-style and market-cap indices, small-cap growth did best, but the value factor led more broadly. On the wealth planning front, we discuss the realities of probate and the importance of coordinated estate plan implementation.

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