Brad McMillan, Commonwealth’s CIO, discusses the markets and economy in May. After an early pullback, improving economic news helped fuel a rally in U.S. indices at month-end. While manufacturing remains a concern, improvements in consumer spending and housing have boosted confidence, prompting the Fed to suggest that the economy has normalized. Internationally, political risks continue to be a factor. And any bad news could well rattle the markets. What can we expect tomorrow? Time will tell, but spring seems to have arrived. Follow Brad at blog.commonwealth.com/independent-market-observer.