The world enters June optimistic that an extended ceasefire in the Middle East is possible. The front month Brent oil futures contract finished May at its lowest level in a little more than five weeks. Major US and Japanese equity indices are at record highs. After a dramatic jump, European benchmark 10-year yields pulled back mostly 15-25 bp in May, although the 10-year US Treasury yield was flat. Geopolitics remain unsettled. Four developments in particular deserve careful attention, not because they are new, but because of their ability to impact the investment climate. Leaving aside the Reserve Bank of New ... (full story)