Total income has returned to credit thanks to higher-for-longer interest rates. We prefer pockets of credit where investors are better compensated for risk. U.S. stocks ticked up to fresh all-time highs last week. U.S. PCE for May was flat month over month, the latest measure showing decelerating price growth. We’re monitoring this week's U.S. payrolls data to see if rapid job gains will continue and if wage pressures will remain elevated.
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