Week of 6/8/2022

It feels like 2022 just started, yet we are almost halfway through the year. Our monthly market recap is available here. The Cliffs Notes version is that May was not great for the markets generally, with some silver linings showing in the bond market.

Local kids from Wiles Elementary competed in an international robotics competition and placed 3rd & 14th in the world. We were happy to sponsor their team. There is much concern that lost grain harvests in the Ukraine could cause additional conflict in developing countries that cannot afford the grain price increase. There is certainly precedent for this. Prior to the French revolution, bread cost half the daily wage of a typical worker. After two poor grain harvests, it cost 88% of a worker’s wage. Despite being the 2nd longest river in the world, the Amazon has zero bridges crossing it!

Q: Is there good economic news right now? A: Yes, the jobs report, consumer confidence, and the ISM manufacturing report were all better than expected. Inflation remains the statistic that is dominating headlines, and the May numbers will be released on Friday.

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