1 minutes to read by  BlueBay Fixed Income team Jul 10, 2025

June Review

• Risk markets were resilient over the month despite geopolitical volatility coupled with US fiscal and trade concerns. The S&P 500 ended the month up 4.96% after digesting a series of negative headlines on conflict in the Middle East, upcoming tariff deadlines, and the “big, beautiful bill”.

• The calming of Middle East tensions allowed investors to recalibrate focus towards economic data and Fed decisions, with rate cut hopes as the driving catalyst. The 10-year Treasury yield ended the month 15bps tighter at 4.28%.

• Demand for Treasuries has endured, to the ire of deficit hawks, as foreign countries and investors continue to prop up America’s ballooning debt. Meanwhile, the US dollar has continued its weakening trend, bearing the brunt of fiscal concerns.

• Elsewhere, Brent crude oil prices ended the month up 4.68% at $67.30/bbl after an exchange of airstrikes between Israel, Iran and the United States, and threats of closing the Strait of Hormuz sent the price surging over 6% mid-month.

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