U.S. equity markets have teetered back and forth thus far in June, as 10-year bond yields have made a volatile trek lower. This mixed trading led up to and followed a June 16th update in outlook from the Federal Reserve. The Fed now sees an interest rate hike coming a few months sooner than forecasted back in March: late 2022. The tug-of-war between investors this year has been centered around a combination of monetary and fiscal policy uncertainty, inflation trepidation, and the post-COVID economic resurgence.

After a long and strenuous Senate session Friday night and after several amendments, the newest COVID relief stimulus package, this time valued at $1.9T, passed with a 50-49 vote early Saturday morning, March 6th. Senate Democrats used the reconciliation process, which allows budget-related bills to pass with a simple majority rather than the 60 votes typically needed, to pass the bill.