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June marked a turning point in the U.S. economic reopening and reflation outlook. Market conjecture about the timing of peak U.S. growth and inflation coincided with a change in tone from the Federal Reserve. The U.S. central bank hinted at a potential reduction in its asset purchase program, with a nod to inflation markers—such as commodities and wages—that have weighed on markets since the beginning of the year. At the same time, prices of several key commodities declined from their peaks earlier in the year, helping to somewhat calm inflation fears. U.S. and global equities rallied on the improving sentiment, with many indices closing out the first half of 2021 at or near record highs.
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