Weekly Market Update – June 23, 2026

Taylor Champion
5 minutes ago
3 min read

Price Return Last Week

S&P 500 0.7% S&P Mid Cap (0.1%) Russell 2000 1.2%

MSCI EAFE 0.7% MSCI EM 4.1%

10 Yr US Treasury Rate – fell from 4.49% to 4.45%

Source: Refinitiv Eikon

Recent News

U.S.-Iran Deal Update – Details on the memorandum of understanding between the U.S. and Iran were released on Wednesday. Both pledged to end all military operations and Iran would open the Strait of Hormuz. Iran commits to not charging any fees to transit the Strait of Hormuz for 60 days but is silent with regards to any commitments beyond that. Additional details regarding Iran’s nuclear program and what funds the U.S. will unfreeze will still be negotiated over the next 60 days. Just a few days after these details were released, Iran announced that they were closing the Strait again due to fighting in Lebanon. Following this announcement, Vice President JD Vance stated that negotiations with Iran have continued to progress and ship tracking in the Strait of Hormuz started to pick up. The price of oil was down slightly Monday morning.

Source: Thomson Reuters, The Wall Street Journal, Refinitiv Eikon

Fed Meeting – The Federal Reserve chose to keep rates steady at the conclusion of their meeting on Wednesday, however nine officials noted that they expect a hike in rates before the end of the year. The policy statement released from the committee also removed any guidance about the direction of interest rates in the future.

Source: Thomson Reuters

New Fed Chair Comments – In his first meeting as Federal Reserve chair, Kevin Warsh stated that he was launching five new task forces to study how the Fed operates and communicates. He also noted that he did not submit an interest rate forecast of his own, bucking recent tradition and signaling that Fed dot plots may be on the way out. With regards to the future direction of interest rates, Warsh seemed to imply that interest rate hikes could be on the horizon, noting his concern with inflation remaining above target and stating, “we’ve missed for five years, and we’re going to fix that.” Subsequent to Warsh’s comments, expectations for a hike increased with the market now forecasting an increase in September versus the previous estimate of a hike not set to occur until December.

Source: The Wall Street Journal, Refinitiv Eikon

U.K. Prime Minister Resigns – British Prime Minister Keir Starmer resigned following the election of Andy Burnham to Parliament. Burnham promised to challenge Starmer’s leadership as the Labour Party has been trailing the Reform UK party in recent polls and is seen as the likely new prime minister, the sixth in seven years.

Source: The Wall Street Journal

A Library with No Paper – President Obama opened the doors to his long-awaited presidential library on June 19. The library, located in Jackson Park, will be the first fully digital presidential library. It is estimated that 95 percent of the Presidential records from the Obama administration were created digitally, avoiding the need to display official papers. It is estimated that the museum will draw a million visitors a year and will charge $30 per visitor, the highest admission rate of any presidential library.

Source: Smithsonian Magazine, PBS, National Archives

Upcoming Events

6/23 – S&P Manufacturing PMI, S&P Services PMI, Notable Earnings Reports: FedEx

6/24 – Bank Stress Test Results, Notable Earnings Reports: Micron

6/25 – PCE, Durable Goods

Source: Refinitiv Eikon

Disclosure

This material, including references to specific securities, is for informational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Views are as of the date shown and may change. Forecasts and forward-looking statements are not guarantees of future results. Information is believed reliable but not guaranteed for accuracy or completeness; third-party sources are not affiliated with Chesley, Taft & Associates (CTA). Indexes are unmanaged, not investable, do not reflect fees or expenses, and shown for illustrative purposes only. Past performance is not indicative of future results. Viewing this material does not create an advisory relationship with CTA.