C1W - Market Commentary Q2 2025

• Global equity markets delivered strong gains in the second quarter of 2025, with the S&P 500 returning 10.9% and the MSCI ACWI ex USA Index up 12.0%, reflecting investor optimism despite geopolitical tensions and evolving economic policy paths.

• The Federal Reserve held rates steady at its June meeting, emphasizing economic resilience but signaling growing debate within the committee about the timing and scale of future cuts amid evolving data and political pressures.

• The U.S. dollar index has declined year-to-date as shifting interest rate expectations and concerns over fiscal policy weighed on sentiment, prompting some global investors to diversify reserves and seek other portfolio diversifiers such as gold.