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Equities down -4% in April and some wonder if this is the start of "payback" — still expecting May to be a positive month, with May FOMC (Wed, today) obviously important.

VIDEO: S&P 500 was down -4% in April, but we still expect May to be a positive month.  There is a gauntlet of data ahead but May FOMC is key which is Wed

Please click below to view our Macro Minute (duration: 3:14)

On the last trading day of April, the S&P 500 fell -1.6% and the Nasdaq down -2%, bringing total losses to -4%. Over the past 40 years, the only worse April return was 2012 (debt downgrade/peripheral Euro-area crisis). ...

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