Over the past 7 years, nearly all of the 7.5% annualized gains in the 60/40 US stock/bond portfolio have come from the stock side, with the S&P 500 gaining 11.6% per year versus just 0.8% per year for bonds. bilello.blog/2024/the-state-of-the-markets-june-2024 pic.twitter.com/1O5ZUTggK6

Entering the year, the bond market was pricing in 6-7 Fed rate cuts in 2024. Today: just 1-2 rate cuts. Video: www.youtube.com/watch?v=tU1XJRmOce8&t=625s pic.twitter.com/K1nkstYTq1

Bit of a mixed bag for the Fed: Much stronger job growth than expected and quick wage growth, which could keep them inflation wary. But unemployment ticked up (just a little, to 4%) and the participation rate came down. www.bls.gov/news.release/empsit.nr0.htm

Congrats. If you bought the $SPX top of January 2022 at 4818, you just broke even in real terms (inflation adjusted). pic.twitter.com/qYCOqkCZmo