Equity markets advanced in July, with the S&P 500 increasing 2.2% to fresh record highs, powered
by healthy second-quarter earnings and ongoing leadership from technology and AI-related sectors.
U.S. Treasury yields moved slightly higher during the month, with fiscal deficits and inflation dynamics
likely contributing to the move. The 10-year yield closed July up 13bps to 4.37%, while the 2-year yield rose 22bps to 3.94%, resulting in a modest flattening of the curve.