As the first half of 2023 is behind us, equity markets proved the most resilient. A June highlight was a pause by the Fed in lifting short term interest rates. At their June meeting, Chairman Powell left interest rates at 5%-5.25% (the first pause in 15 months of rate increases) but did suggest rates may need to rise further to tackle sticky inflationary pressures. Surprisingly, solid economic data and a vigilant FOMC kept bond markets muted. Cash returns continue to adjust higher as 2 more increases in short-term rates are being priced into money markets.