The rest of the country indices tell a simple negative story - further declines in the short, intermediate, and long-run. Although growth expectations were raised for global economies, lower liquidity conditions and trade war rhetoric seems to be dominating financial asset expectations.
The bond markets are signaling three narratives, poor performance for international debt instruments based on a rising dollar, a tightening of liquidity spilling over to credit markets, and an international flight to safety for Treasuries. We have been surprised by the good Treasury performance for the month given the rising inflation, but the first half of the year shows an asset class the has not provided much yield protection. All indices we track are negative.