Weekly Commentary: Consensus forms at Outlook Forum

There’s broad agreement among portfolio managers that a concentrated group of AI winners will drive returns over a short-term tactical horizon. U.S. stocks hit record highs and bond yields fell after the May CPI came in below expectations. The Federal Reserve now only expects to cut rates once this year. We’re watching the UK CPI data to see if falling goods prices are bringing inflation down enough for the Bank of England to start cutting policy rates.