May 2025 – Monthly Commentary

May was a tumultuous month, but not in the way it was expected to be. Since the chaotic implementation of the global tariffs by the Trump administration market participants had been waiting for the consequences, mainly the duality of rising inflation and rising unemployment. The expectation had been that the bad news would be fully felt, starting six weeks after the so-called liberation day, falling squarely in the month of May. Surprisingly, that bad news never arrived.