One old stock market adage is: Sell in May and go away”; a backhanded way to say nothing happens in the market during the summer. No more. Now, one must pay attention. After a speculation-filled wait for Kevin Warsh, the new Federal Reserve Chair, to show his hand, in his debut speech he indicated that the Fed Funds rate will remain unchanged in the short term and admitted that depending on the economic stats, it may need to go higher. Meanwhile, Treasury Secretary Scott Bessent, announced a government bond buyback program in an effort to lower rates, an exercise that has rarely, if ever, worked in the past. The balance between interest rates, inflation, and the combined growing debt needs of sovereign entities and corporations are keeping economists gazing into their crystal balls. Bets are now being placed on the effect these many crosscurrents will have on the direction of interest rates going forward.

Despite the lack of crystal ball, the members of the BOM – just as the diligent crab pickers apply themselves to their task – work (though without remuneration of any kind) to maintain the steady performance of the Easton Episcopal Fund. Month to date gross return, as seen on the Snapshot, is 2.07% and the YTD gross return is 9.54%, 47bp ahead of the policy benchmark.