All market and economic data as of July 14, 2025 and sourced from Bloomberg Finance L.P. and FactSet unless otherwise stated.

DEFINITIONS

• DXY:  The U.S. Dollar Index (DXY) indicates the general initial value of the USD. The index measures this by averaging the exchange rates between the USD and major world currencies.
• MSCI World: The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance.
• S&P 500: Standard and Poor’s 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing…