By Greg Smith, Head of Retail at Devon Funds
Markets had plenty to deal with again in May. Investors largely moved on from the turmoil in the regional banking sector but had a new ‘crisis’ to deal in the US debt ceiling standoff. Central bank manoeuvrings remained in the spotlight, with officials suggesting that rate pauses were in the offing. For the most part, inflation continued to head in the right direction, making for an interesting backdrop to budgets delivered during the month in Australia and New Zealand, with the latter best described as “expansionary.”