The Monthly Review: N.05 2026

In the May 2026 monthly outlook, Michele De Michelis analyzes the growing signs of fragility in U.S. markets. Despite the strength of the U.S. economy and solid earnings growth, elevated Treasury yields are reducing the relative attractiveness of equities. Added to this are technical indicators pointing to market deterioration and still-persistent inflation, factors that could lead to a more volatile and selective phase for Wall Street in the coming months.