– Commodities and US Equities led the way this week, as global financial assets rallied in unison for a second straight week.
– The rising tide lifted all boats in the last week of July – the stock market rally among styles, sectors and factors was broad.
– China was a notable exception to the global rally in equities, closing down 3.7% for the week.
– Another round of rate hikes for the Fed in September has the potential to take the Fed Funds rate above the 10Yr Treasury yield.