Despite various conflicting economic data points, the U.S. economy continued to perform well. Consumers, the core of the economy, displayed resilience. Earnings of large public businesses behaved well relative to expectations, resulting in strong year-over-year growth and positive revisions for the rest of this year and next. Even though consumers and businesses maintained firm performance during the quarter, concerns regarding high prices and elevated interest rates persisted. The Fed consistently paid attention to these concerns via its monetary stance and comments. The 10-year Treasury yield ended June about 20 basis points higher on the quarter.

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