May 2015 Commentary
The U.S. stock market saw a slow start to the year with returns of less than 2% through April 30, but international stocks realized some much-needed catch-up, exceeding a 9% return on average. For several years, financial markets have been driven by a no boom, no bust, no inflation economy. This financial environment is uncomfortable since the business cycle has not followed the pattern of prior recessionary recoveries. Aggressive central bank policies seem to be effective at avoiding deflation so far, but a sustainable economic recovery is still elusive.