Milliman FRM Insight: May 2019 Market Commentary

After a record-setting first four months of 2019, the S&P Global 1200 Index gave back nearly half its year-to-date (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 Consumer Price Index (CPI) data show annual inflation climbed to 2%. While realized inflation moved higher, inflation expectations fell by nearly 30 basis points in May.

Milliman’s Joe Becker offers more perspective in this month’s market commentary. Download the full commentary at

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