• Commodities, US stocks and bonds, rallied this week
• Strategy benchmarks continue push higher

Commodities led this week’s gainers: It wasn’t even close. WisdomTree Commodity (GCC) topped the performance ledger for trading through Friday, July 2 for our 16-fund opportunity set, which proxies for the major asset classes. There were other gainers, but GCC stole the show with a 2.2% weekly advance that left the rest of the field in the dust. For details on all the strategy rules and risk metrics, see this summary.

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The expected risk premium for the Global Market Index’s (GMI) resumed an upward drift in June, rising to an annualized 6.0%. That’s up fractionally from 5.9% in the previous month. The forecast, which reflects the long-run outlook for GMI’s return over the “risk-free” rate, is still well below the realized risk premium in recent history, based on trailing 10-year annualized results. Continue reading →

* 130 nations agree to a global minimum tax on corporations
* US military withdrawal from Afghanistan nearly complete
* CBO raises growth outlook for US economy in 2021
* The evidence showing reliable inflation forecasting is thin
* Infections surging for Delta variant of coronavirus in Asia
* NYC office vacancies rise sharply this year from end of 2020
* US manufacturing growth slowed in June but the expansion remains strong
* Manufacturers report the biggest price jump in 42 years for June
* IMF raises US 2021 economic growth forecast to a sizzling 7% gain
* US jobless claims fell to a new pandemic low last week: