Student of the Market: May 2023
May 2023 highlights:
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U.S. debt ceiling concerns
While concerns about the debt ceiling gridlock are high, stocks and bonds have historically outperformed following similar events. -
Money market assets reach a historic peak
Money market reached an all-time high of $5.2T in assets through the end of March. In the 3-years following past peaks, U.S. stocks performed well above average, while money markets continued to lag. -
Today’s challenge: reinvestment risk
With the prospect of a Fed pause in the near future, investors should consider investing in longer-duration bonds to avoid reinvestment risk in a falling rate environment.
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