Market Commentary
Concerns over Greece exiting the euro and the Federal Reserve raising short-term interest rates were the dominant themes that impacted global markets during June. Stocks in developed economies, including the U.S. and Europe, sold off ahead of a June 30 deadline for Greece to make a €1.54 billion debt payment to its creditors. In the U.S., small cap stocks were the lone bright spot given their closer ties to the domestic economy, while income‐oriented investments from bonds to utility stocks experienced losses as the Fed held the door open to raising rates later this year.

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