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May 2026 was a month that reminded investors, homeowners, and households alike that the economy rarely moves in a straight line. On global markets, the S&P 500 powered to a remarkable 5.15 per cent gain as a blistering corporate earnings season and a US-Iran ceasefire extension lifted sentiment, while the ASX 200 struggled under the combined weight of a Reserve Bank rate hike and a federal budget that rattled property markets and stoked inflation fears. Closer to home, the national property market effectively hit pause, with Sydney and Melbourne recording further declines even as Perth and Darwin continued to push higher. Meanwhile, the latest inflation data offered a mixed picture: headline CPI eased to 4.20 per cent in the year to April, but the trimmed mean crept higher to 3.40 per cent, keeping the door open to another rate rise when the RBA board reconvenes in June. There is plenty to unpack this month, so let's get into it.