Headline market returns were modestly positive, but May brought another volatile month for investors adding to an already tumultuous 2022. Macro risks remained abundant with the war continuing to rage in Ukraine, several notable central banks transitioning to restrictive monetary policy, and the pandemic still having a material impact on select areas of the world (most notably China). The world economy appears to be within a significant regime change which brings a variety of uncertainties to investors. Large-scale macroeconomic shifts usually lead to choppy markets but can create new opportunities on the other side. In the meantime, prudence and thoughtful planning are key.