Q2 2023 Asset Class Update

The second quarter saw investors bidding stocks higher, swept up in a ChatGPT-inspired AI frenzy and encouraged by macro data pointing to a stronger-than-expected US economy. Meanwhile, fixed income markets came to terms with the fact that, despite a “hawkish pause” from the Fed in June, the central bank was unlikely to soon declare victory in its battle with inflation—made all too real amidst the heat by a recent Wells Fargo report, showing ice cream prices up 9% since last summer! Below, we highlight themes and data the team at Rayliant has been tracking as we turn our attention to the second half.