Brad McMillan, Commonwealth’s CIO, recaps the market and economic news for June. It was a terrible month, with stock markets in the U.S. and abroad down substantially and developed international markets hit the hardest. The underlying reason? The Fed. With inflation high, the Fed has raised interest rates over the past six months, which has driven risks of recession. Still, the economic news is healthy. Companies are hiring, supporting spending growth, and business investment is sound. So, what’s the bottom line? Stay tuned to find out. Follow Brad at blog.commonwealth.com/independent-market-observer.