During the month of May, equity and bond markets generated mixed results after navigating through a federal debt ceiling stand-off, continuing strong employment numbers, moderating inflation, and another Fed rate hike. The S&P 500 added 0.43% while the Russell 2000 fell -0.93%. Growth stocks, led by a very narrow group of Nasdaq mega cap names, added 4.56%. Value names lost -3.86%. The Bloomberg Aggregate Bond Index was down -1.09% as longer dated yields rose.