Commentary
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Strategy Review – JULY 2025
Markets sustained their upward momentum in June, bolstered by easing inflation data and a growing belief that the Federal Reserve may begin cutting rates later this year. The 10-Year Treasury yield declined from 4.46% to 4.24%, and CPI came in slightly better than expected, with headline inflation rising just 0.1% month-over-month in May. Both equities and fixed income markets rallied, with duration-sensitive assets and risk-oriented sectors seeing strong gains.
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Kensington Monthly Commentary – July 2025
The stock market endured one of its most volatile months in years. The S&P 500 fell 21.35% from its February 19 peak of 6,147.43 before bottoming on April 7 at 4,835.04, shortly before the Administration announced a 90-day pause on new tariffs (excluding China). Markets quickly rebounded on the news, with the S&P 500 soaring 9.52% on April 9, its largest single-day gain since October 2008. The Nasdaq Composite jumped 12.16% the same day, marking its biggest one-day percentage gain since January 3, 2001, and the second-largest on record.
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Strategy Review – June 2025
Markets sustained their upward momentum in June, bolstered by easing inflation data and a growing belief that the Federal Reserve may begin cutting rates later this year. The 10-Year Treasury yield declined from 4.46% to 4.24%, and CPI came in slightly better than expected, with headline inflation rising just 0.1% month-over-month in May. Both equities and fixed income markets rallied, with duration-sensitive assets and risk-oriented sectors seeing strong gains.
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Kensington Monthly Commentary – June 2025
The stock market endured one of its most volatile months in years. The S&P 500 fell 21.35% from its February 19 peak of 6,147.43 before bottoming on April 7 at 4,835.04, shortly before the Administration announced a 90-day pause on new tariffs (excluding China). Markets quickly rebounded on the news, with the S&P 500 soaring 9.52% on April 9, its largest single-day gain since October 2008. The Nasdaq Composite jumped 12.16% the same day, marking its biggest one-day percentage gain since January 3, 2001, and the second-largest on record.
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Strategy Review – May 2025
February saw heightened volatility as investors reassessed the economic impact of newly imposed trade tariffs. While the market had initially assumed tariffs were a bargaining tactic, the confirmation of their implementation triggered a swift correction.
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Kensington Monthly Commentary – May 2025
The stock market endured one of its most volatile months in years. The S&P 500 fell 21.35% from its February 19 peak of 6,147.43 before bottoming on April 7 at 4,835.04, shortly before the Administration announced a 90-day pause on new tariffs (excluding China). Markets quickly rebounded on the news, with the S&P 500 soaring 9.52% on April 9, its largest single-day gain since October 2008. The Nasdaq Composite jumped 12.16% the same day, marking its biggest one-day percentage gain since January 3, 2001, and the second-largest on record.
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Strategy Review – April 2025
February saw heightened volatility as investors reassessed the economic impact of newly imposed trade tariffs. While the market had initially assumed tariffs were a bargaining tactic, the confirmation of their implementation triggered a swift correction.
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April 2025: A Month of Reversals and Resilience Across Markets
The stock market endured one of its most volatile months in years. The S&P 500 fell 21.35% from its February 19 peak of 6,147.43 before bottoming on April 7 at 4,835.04, shortly before the Administration announced a 90-day pause on new tariffs (excluding China). Markets quickly rebounded on the news, with the S&P 500 soaring 9.52% on April 9, its largest single-day gain since October 2008. The Nasdaq Composite jumped 12.16% the same day, marking its biggest one-day percentage gain since January 3, 2001, and the second-largest on record.
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Strategy Review – March 2025
February saw heightened volatility as investors reassessed the economic impact of newly imposed trade tariffs. While the market had initially assumed tariffs were a bargaining tactic, the confirmation of their implementation triggered a swift correction.
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March 2025: TARIFFS, TUMULT, AND A SHIFT IN SENTIMENT
February saw heightened volatility as investors reassessed the economic impact of newly imposed trade tariffs. While the market had initially assumed tariffs were a bargaining tactic, the confirmation of their implementation triggered a swift correction.
