Buyers outweighed sellers in May as the global equity market edged out a positive return. U.S. equities pushed firmly higher, led by small cap stocks, while ex-U.S. equities moved sharply lower. May marks the fourth consecutive negative monthly return for emerging market stocks. Developed market interest rates retreated modestly in May, but remain well above their levels from a year ago. Global equity market volatility in May was lower than it was in April.