Consumer prices continued to grow during the month but showed signs of slight easing. Both
manufacturing and service sector activity slowed during the month, partly due to ongoing supply chain
disruptions and lockdown restrictions in China. The Fed raised the target range of its federal funds rate by
50 basis points (“bps”) to 0.75% to 1.00%. The Bank of England raised its Bank Rate by another 25 bps to
1.00%, its fourth consecutive rate increase. The yield on 10-year government bonds in Canada and the
U.S. fell over May…
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