Milliman FRM Insight: May 2019 Market Commentary

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By Joe Becker | 14 June 2019
After a record-setting first four months of 2019, the S&P Global 1200 Index gave back nearly half its YTD return in May’s decline. The volatility of the S&P 500 began the month below the 18% volatility threshold of the S&P 500 Managed Risk Index and remained below it the entire month. After rising 35% during the first four months of 2019, the price of oil fell 5% in May as trade wars obscured the path to global economic growth. The most recent CPI data show annual inflation climbed to 2%. While realized inflation moved higher, inflation expectations fell by nearly 30 basis points in May.