In the early days of June, economic growth seemed to be stalling with retail sales declining, led by a slowdown in auto sales, and the housing sector was stuck in a multi-year slump. Moreover, investors weren’t sure about the effect President Trump’s tariffs were going to have on inflation. The bright spot in that otherwise gloomy backdrop was that the equity market had shaken off the sharp selloff it had experienced during the first days of tariff implementation and was within striking distance of the all-time high it had hit in February.