**As seen in Macro Walk report 05/12/23, subscribe at cablefxm.co.uk/reports
The monetary conditions tracker in the Macro Walk report showed U.S. financial stress indicators inside a range for over a month. Monetary conditions have moved nowhere despite the Fed delivering an additional 25bps of tightening in May, however, the gauge is off the highs seen preceding the March banking crisis
A measure constructed by Bloomberg is now nearly flat, down 2 index points from the prior week. The index has ranged from -21.3 to +21.0 over last month (-0.213/0.210)
Some movers to note: Corporate spreads have narrowed from the peaks seen in March, the last read stands below 200bps. Also, the equity volatility benchmark remains close to a 52-week low while the S&P 500 index holds above 4,100.0
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