Inflation seems to have cooled; May’s inflation rate was just below 3%, still shy of the target of 2%, and the Fed remains cautious. The NASDQ-100 and S&P 500 set milestones within the past two weeks. At last tally, unemployment was running between a little over 4%, a bit above the 3.6% rate of June a year ago. There are hopeful murmurs of a quarter point rate reduction at their July meeting, but the bigger money is on a quarter point reduction in September (although, Powell offered no dates or deadlines, perhaps having reached Greenspan’s attitude which went something like: I live in dread that what I say will actually be understood). Meanwhile the Easton Episcopal Fund – as evident in the portfolio snapshot below, does better than its benchmark – it’s YTD gross return is 8.51 versus benchmark 7.60%.

A NOTE ABOUT THE SNAPSHOT: The June Snapshot appears scrambled when viewed online on both my desktop and laptop, but has downloaded clean from the website to both machines. Because I want investors to be able to share the June portfolio update with their vestries and boards, I’ve posted it even though it’s scrambled online. Download the PDF which should print out and share clean. Meanwhile. we’re working to solve the problem. If you need it emailed direct, please let us know.