As if the domestic political environment was not tumultuous enough, the U.K. added to the uncertainty in June when they unexpectedly voted to leave the European Union. Global stock markets sold off in the immediate aftermath, but the drawndown was rather short-lived. While the MSCI EAFE index of international stocks was down 3.36% for the month, the S&P 500 actually eked out a 0.26% gain, and is up a respectable 3.84% through the first half of the year. Surprising perhaps has been the performance of emerging markets, which rose 4% in June and more than 6% for the year. Bond yields have been moving toward all-time lows though, reflecting a tentative economic and political backdrop.