Global – Slow recovery
U.S. equities delivered stellar performance with the S&P 500, the Dow Jones Industrial and the NASDAQ all reaching record new levels. The S&P 500 returned 7.2% and the Dow Jones 7.6%. U.S./China tensions continued to escalate moving from rhetoric to closing consulates and banning individuals. Whilst economic data remained very patchy it continued to demonstrate a mild improvement but a slowed recovery.
The Federal Reserve signaled its intention to offer further monetary stimulus to the economy if necessary and indicated a move to ensure increased flexibility in this regard by adjusting its measurement of inflation.