The long-term forecast for the Global Market Index’s (GMI) risk premia ticked higher in May, rising for a second month after a run of declines earlier in the year. The revised annualized total return estimate for GMI is currently 4.5%, which reflects the index’s long-run projection over the “risk-free” rate, based on a risk-centered model outlined by Professor Bill Sharpe (details below).

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Trump considers using military to end protests: Bloomberg
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US economic reopening plans challenged by protests in cities: NY Times
G7 members at odds over Trump’s plan to re-admit Russia: BBC
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US construction spending dropped less than forecast in April: MW
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