Global equity markets maintained their upward momentum in May for a fourth month in a row as the progress of the ongoing vaccine rollout around the world allowed many economies to steadily reopen. Most major equity indices made gains over the month, with the S&P 500, Euro STOXX 50 and the FTSE 100 up 0.7%, 2.5% and 1.1% respectively. However, markets were constrained by concerns of rising inflation due to increased consumer demand and rising input costs. In the US, the Federal Reserve acknowledged it may need to consider tapering its bond purchases at some point but advised it believes the recent jump in inflation will prove to be transitory. In the UK, Prime Minister Boris Johnson's roadmap for lifting lockdown restrictions progressed to the next stage with the reopening of indoor hospitality. The yields on UK and US 10-year bonds decreased by 5 and 3 basis points respectively. The pound was up 2.8% against the US dollar and 1.1% against the euro.
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