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How the World Economy Shows Up in Daily Life

How the World Economy Shows Up in Daily Life

| June 02, 2026

■ KFSC COMMENTARY · MAY 2026 · MACRO CLARITY FOR REAL-WORLD DECISIONS

Is This Normal?

How the World Economy Shows Up in Daily Life

Prices. Income. Borrowing costs. Savings. Growth. Global stress.

These are not abstract economic ideas. They are the places where the world economy reaches daily life.

You can feel it at the grocery store, at the gas pump, in your income, in your mortgage rate, in your business costs, and in the return you earn on cash. When the global economy changes, it does not stay on a chart. It shows up in household budgets, company decisions, and financial plans.

This commentary looks at six practical questions people are asking right now: Are prices still rising? Are companies under pressure? Is income keeping up? Why is borrowing still expensive? Is the economy slowing down? And could trouble overseas eventually matter here at home?

Our short answer: the world economy is not in crisis, but it is not fully comfortable either.

The economy is still working, but it is working under pressure.

People are still employed. Most economies are still growing. The financial system is still functioning. But prices remain warmer than central banks would like, borrowing costs are still high, and stress is visible in places that matter: energy, trade, business costs, and household budgets.

That does not mean panic. It means pay attention.

This is the kind of environment where headlines can sound contradictory. One report says the economy is strong. Another says families are stretched. Both can be true. An economy can keep growing while people feel squeezed. Jobs can remain available while savings feel thinner. Inflation can be lower than its peak and still feel painful at the checkout line.

So instead of asking whether the economy is simply “good” or “bad,” our advisors on the KFSC Macro Desk ask a more useful question:

Is this normal?

One thing before we start. These numbers are global. They cover about thirty of the world’s largest economies. For each question we look at the whole world first, since that is what the charts show, and then we point out exactly where the United States stands, because that is the part that touches your life most directly. Each one is put in plain language, with a note on what it may mean for households, businesses, and retirees living on distributions from their investments.

■ QUESTION 1 · PRICES

Are prices still going up?

Start with the cost of living: how fast the prices of everyday things like food, rent, and gas are going up compared with a year ago. A small, steady rise is normal and even healthy. Many central banks aim for prices to rise about 2 percent a year, though some aim a little higher. The chart shows that pace for each country: the bar and the number beside it are where prices actually are, and the gold diamond marks the goal each central bank is aiming at.

WORLD | CONSUMER PRICE INFLATION

“Consumer Price Inflation” is the official name for how fast the prices households pay for everyday things are rising.

Chart of how fast consumer prices are rising in each country, with each central bank target marked.

LSEG Workspace · World | Consumer Price Inflation, Year-over-year change. Reference period April 2026 for most economies (range Q1 2026 to May 2026); data as reported between 04/20/2026 and 05/29/2026. The number beside each bar is that country’s actual inflation rate now; the gold diamond marks its target. [1]

OUR VIEW

Normal, but running warm. Across the world, prices are climbing a bit faster than the healthy 2 percent goal. A few countries, like Argentina and Turkey, are in real trouble with prices, but most large economies are above the goal without being anywhere near crisis.

Picture your monthly budget. If everything you buy costs about 2 percent more than last year, that is the gentle, normal kind of price rise economies are built for. When prices climb faster than that, your income does not stretch as far, and you feel it at the register.

In the high-inflation countries, families watch prices jump from one week to the next, which is far harder to live with than a slow, steady climb. Most of the world sits somewhere in between: prices rising faster than ideal, but not spinning out of control.

Why this matters. How fast prices rise is the single biggest thing shaping the rest of these signs, especially how high central banks set interest rates.

HERE IN THE US

Prices in the US are up about 3.8 percent over the past year. That is above the roughly 2 percent the Federal Reserve aims for, which is why groceries, rent, and gas still feel like they keep creeping up, but it is far from the runaway prices some countries are facing.[1]

■ QUESTION 2 · BUSINESS COSTS

Is more price pain on the way?

The second sign is the cost of doing business: what companies pay for raw materials, fuel, and shipping before a product ever reaches a store shelf. It matters because it is an early warning. When business costs jump, the prices you pay tend to follow a few months later. The chart shows how fast those behind-the-scenes costs are rising in each country.

WORLD | PRODUCER PRICE INFLATION

“Producer Price Inflation” is the official name for how fast the costs businesses pay, before anything reaches a store, are rising.

Chart of how fast business and factory costs are rising in each country.

LSEG Workspace · World | Producer Price Inflation, Year-over-year change. Reference period April 2026 for most economies; periods vary by country and a few report less frequently. Data as reported through 05/29/2026. [2]

OUR VIEW

A warning sign worth watching. In many countries these behind-the-scenes costs are rising faster than store prices, which suggests more price pressure may still be on the way. The biggest single force right now is energy.

Think of a bakery. When flour, fuel, and delivery get more expensive, the baker pays first, well before the price sticker on the bread changes. These business costs are the flour and fuel; the prices you pay are the finished loaf.

The energy piece is the one to watch. A conflict involving Iran has kept oil moving through a narrow shipping lane called the Strait of Hormuz, which carries about one-fifth of the world’s oil, partly held up, keeping fuel prices high.[7] Higher fuel costs eventually work their way into the price of almost everything, no matter where someone lives.

Why this matters. Because these costs come before store prices, they hint at whether your bills are likely to keep rising or start to settle down.

HERE IN THE US

Business costs in the US are rising at a middle-of-the-pack pace, around 6 percent. The part that matters most for Americans is energy: when oil and fuel get more expensive, it works its way into US gas prices and the cost of almost everything that has to be shipped or made.[2]

■ QUESTION 3 · INCOME

Is your income keeping up?

The third sign is income, and here it matters who you are. Most of our clients are retired. They do not earn a paycheck; they live on distributions from their portfolios, alongside pensions and Social Security. So the real question for them is whether that income keeps pace with prices. The chart below shows the working world’s version of this, how fast wages are rising, which is the broad gauge of whether labor income is keeping up. For someone taking distributions the point is sharper, because the part of income that is fixed does not rise on its own when prices do.

WORLD | WAGE INFLATION

“Wage Inflation” is the official name for how fast pay is rising.

Chart of how fast wages are rising in each country.

LSEG Workspace · World | Wage Inflation, Year-over-year change. Reference periods vary by country, from Q1 2024 to April 2026, with most recent readings around Q1 2026. Data as reported through 05/29/2026. [3]

OUR VIEW

Keeping pace for workers; fixed income lags. For workers in most wealthier economies, pay is roughly keeping pace with prices, enough to keep up but not to pull ahead; in the high-inflation countries pay rises fast but prices rise faster, so they lose ground. For income that is fixed, a set distribution or a bond coupon, the point is different: it does not rise with prices, so it slowly buys less.

Imagine your costs went up 3 percent this year. If your income went up 3 percent too, you are standing still, not richer, but not behind. If your income stayed flat while your bills rose, the same dollars quietly bought a little less.

That is the heart of it in retirement. A working person’s pay often rises with the cost of living, but a fixed distribution, a fixed pension, or the interest from a bond usually does not.

Social Security is adjusted for inflation each year. Most portfolio distributions and many pensions are not, unless they are built to grow, so the same dollars can slowly buy a little less.

Why this matters. The real question for income in retirement is whether the money coming in keeps pace with the prices going out. When it does not, the cost of living slowly outruns the income. It is one of the most important things to review with your advisor.

HERE IN THE US

In the US, a worker’s pay is rising about 3.6 percent, just about matching the 3.8 percent that prices are rising[3][1], so a typical raise is treading water rather than getting ahead. Most of our clients, though, are not drawing a paycheck. They take distributions, and a fixed distribution or a fixed coupon does not get that 3.6 percent adjustment. Social Security is adjusted for inflation each year; a fixed distribution is not, unless it is built to grow. So for income in retirement, the real question is whether the money coming in is keeping pace with US prices.

■ QUESTION 4 · BORROWING

How expensive is it to borrow?

The fourth sign is the cost of borrowing. Each country’s central bank sets a key interest rate, and that rate flows into your mortgage, your car loan, and your credit card. A higher rate makes borrowing more expensive, which cools spending and helps bring prices down. A lower rate makes borrowing cheaper. The chart shows where each central bank has set its rate.

WORLD | CENTRAL BANK RATES

“Central Bank Rates” means the interest rate each country’s central bank sets, which flows into loans, mortgages, and savings.

Chart of the key interest rate set by each central bank.

LSEG Workspace · World | Central Bank Rates. Policy rate in effect at each central bank’s most recent decision, announced between 03/19/2026 and 05/28/2026. [4]

OUR VIEW

Normal, but savers are slightly behind. Rates run from near zero in Switzerland and Japan to very high in countries fighting severe inflation, like Turkey and Brazil. In several large economies the interest rate is now a touch below how fast prices are rising, which means money sitting in a savings account there slowly loses a little ground.

The central bank’s rate is like a dial that warms or cools the whole economy. Turn it up, and loans for homes, cars, and businesses cost more, so people borrow and spend less, which eases prices. Turn it down, and the opposite happens.

This is why, in much of the world, mortgages and car loans still feel expensive. And where the rate sits below inflation, a savings account pays some interest but barely keeps up with rising prices, so cash does not really get ahead.

Why this matters. Comparing each country’s interest rate with how fast its prices are rising tells you whether the value of people’s money is being preserved or quietly chipped away.

HERE IN THE US

The US central bank’s rate is about 3.6 percent, right in the middle. That keeps American mortgages, car loans, and credit cards expensive. And because that 3.6 percent is a touch below the 3.8 percent that prices are rising, cash in a US savings account earns some interest but still loses a little ground to inflation.[4]

■ QUESTION 5 · GROWTH AND JOBS

Is the economy growing or shrinking?

The fifth sign is growth: whether a country’s economy is getting bigger or smaller. This is the engine behind jobs and businesses. A growing economy creates work and opportunity; a shrinking one brings layoffs and worry. The chart shows how much each economy grew compared with a year ago, with shrinking economies in red.

WORLD | GROSS DOMESTIC PRODUCT

“Gross Domestic Product,” or GDP, is the total size of a country’s economy; the bars show how much it grew in a year.

Chart of how much each economy grew compared with a year ago; shrinking economies in red.

LSEG Workspace · World | Gross Domestic Product. Year-over-year change. Reference quarter Q1 2026 for most economies; a few report with a longer lag (back to Q3 2024). Data as reported through 05/29/2026. [5]

OUR VIEW

Normal, on the slow side. Most economies are still growing, just not quickly. A few standouts like India, China, and Indonesia are growing fast, while a small number, such as Canada and Russia, are shrinking slightly.

Growth is the economy’s forward motion. An economy that is still moving can take a hit, a price shock or a supply problem, far better than one that has already stalled, the way someone walking briskly can lean into a strong wind while someone standing still gets pushed back.

In most places, modest growth means the job market is okay but not red hot, jobs are there and raises are happening, but it is not a boom. The fast-growing countries are where a lot of the new jobs and demand are being created.

Why this matters. Slow growth at the same time as prices that are still a bit hot leaves less cushion if something goes wrong, which is the thread running through all of these signs.

HERE IN THE US

The US economy is growing at a slow, steady pace, positive but not a boom. In everyday terms, jobs are generally there and the job market is okay rather than red hot.[5]

■ QUESTION 6 · TRADE

How the rest of the world reaches your wallet

The sixth sign is trade: what each country sells to the rest of the world and what it buys. The balance shows whether more money is flowing in from selling or out from buying. This can feel far from your life, but it is not. Countries that buy a lot from abroad, like the United States, depend on steady global supply lines and a steady flow of dollars, so trouble overseas lands on store shelves at home. The chart shows each country’s balance, with countries that buy more than they sell in red.

WORLD | TRADE DATA

“Trade Data” here means what a country sells to and buys from the rest of the world, measured in dollars.

Chart of each country’s trade balance in US dollars; countries that buy more than they sell in red.

LSEG Workspace · World | Trade Data. Trade balance in US dollars. Reference months March to April 2026 (most economies April 2026). [6]

OUR VIEW

Normal for the countries involved. Big sellers like China, Germany, and South Korea take in more than they spend abroad. Big buyers like the United States, the United Kingdom, and India spend more than they take in. A trade gap is not automatically good or bad; it is normal for some countries. The real risk is a disruption to the goods and energy a country imports.

Think of a country’s trade like a household’s monthly money flow with the outside world. Sell more abroad than you buy, and money comes in. Buy more than you sell, and money goes out. Neither is automatically good or bad; it depends on the country.

The thing that matters most is the supply line. When global shipping or energy gets disrupted, like the oil moving through that narrow lane near Iran, the countries that rely on imports feel it first in the prices they pay.[7]

Why this matters. This is how a conflict on the other side of the world can quietly show up in the price of gas and groceries far from where it started.

HERE IN THE US

The US is one of the world’s big net buyers, it imports more than it exports. That is normal for the US and not a problem by itself. What matters for Americans is the supply line: when global shipping or energy is disrupted, like oil near Iran, the US tends to feel it quickly in the prices it pays for fuel and imported goods.[6][7]

■ THE BOTTOM LINE

Put the six answers together, and here is how we read it. The world economy, in our view, has a low-grade fever. Prices are running a little warm, borrowing is expensive, income is only just keeping pace, and there is pressure building behind the scenes, mostly from energy. The basics are still holding: most economies are still growing and people are still working. We do not see a crisis here, but we would not call it perfectly healthy or entirely normal either.

Here in the US, for a typical person, it adds up to something like this. Your money buys a little less than it did a year ago. Your raise probably just about kept pace with your bills. Loans and mortgages are still expensive. The job market is still steady, though not booming. And the thing to keep an eye on is energy and gas prices, because trouble there can push the cost of almost everything back up. Around the world the same fever runs hotter in some places and cooler in others, but the pattern is shared.

This is a check-up, a read on conditions, not advice. Within the KFSC Risk Managed Strategies, our decision for managing the strategies comes from our interpretations of the data that we research. Our goal is to educate our clients on what we are seeing so they understand what we are investing in and why. Nothing here recommends any trade or promises any outcome.

■ THE KFSC MACRO DESK

How We Read This

Everything above lays out what the data shows, one question at a time. This last part is how the KFSC Macro Desk sees and analyzes it, the lens our advisors bring to any macro picture. We place the environment in a regime, then read it four ways through the KFSC Institutional Intelligence System: whether money is holding its value, how borrowing and business costs move through the system, where the critical-resource pressure sits, and how trade ties it together. The world first, then the United States on its own.

THE WORLD

Our read: a late-cycle slowdown with sticky, above-target inflation. Slowing, not stalling. Warmer than it should be, not yet cooled.

Monetary Integrity. This is about whether money holds its value. Right now it is slipping a little: prices are rising slightly faster than savings earn in interest, so a dollar buys a bit less over time.

Liquidity Transmission. The job is not finished. Costs further up the chain are still running ahead of store prices, so more pressure can still feed through. The clearest live case: Euro Zone inflation rose again in May, and its central bank is reported to be widely expected to raise rates in June, which would be its first hike in nearly three years.[8]

Strategic Scarcity. Almost all of the upside risk traces to one place: energy moving through the Strait of Hormuz. As of early June the strait remains largely shut and oil sits well above its February level, even with talks underway.[7][8]

Market Structure. Tie that to trade, and the countries that import the most are the ones most exposed to it. Central banks are also voting with their reserves: gold has now passed US Treasurys as the largest official reserve asset, a hedge against exactly this kind of geopolitical and currency risk.[9]

In one line. The world is working under pressure, money is quietly losing a little ground, and the single risk worth watching is concentrated in energy.

THE UNITED STATES

Our read: the same environment, and on these measures the United States sits toward the more exposed end.

Monetary Integrity. Cash and savings still earn interest, but prices are rising a touch faster, so it slowly loses a little of its buying power.

Liquidity Transmission. The job is not finished at home either; the cost pipeline is still running hotter than store prices.

Strategic Scarcity. The United States effectively imports that one energy risk, which reaches fuel and the cost of shipped goods.

Market Structure. And as the largest net importer, it is the most exposed of all to a supply-line shock.

In one line. The United States shows every feature of the same picture, with the energy and supply-line risk landing on it harder than on most.

Sources

This commentary was updated on 06/02/2026 with current developments from the news sources cited below. The charts reflect LSEG data as pulled through 05/29/2026; figures reported after that date are attributed to the cited news sources.

Keaney Financial Services Corp does not produce forecasts.

Any forward-looking figures or outlooks referenced, including reporting on the Middle East conflict and energy supply, are produced by third-party data providers and news organizations and are subject to revision by those sources. Keaney Financial Services Corp does not originate forecasts. The firm’s role is analysis and contextualization of third-party data.

REFERENCES IN ORDER OF APPEARANCE

  1. LSEG Workspace. World | Consumer Price Inflation. Year-over-year consumer price inflation, with each country’s central-bank inflation target, by country. Reference period April 2026 for most economies (range Q1 2026 to May 2026); data as reported between 04/20/2026 and 05/29/2026.
  2. LSEG Workspace. World | Producer Price Inflation. Year-over-year producer price inflation, by country. Reference period April 2026 for most economies; periods vary by country, and a few report less frequently. Data as reported through 05/29/2026.
  3. LSEG Workspace. World | Wage Inflation. Year-over-year wage inflation, by country. Reference periods vary by country, from Q1 2024 to April 2026, with most recent readings around Q1 2026. Data as reported through 05/29/2026.
  4. LSEG Workspace. World | Central Bank Rates. Policy interest rate, by country. Policy rate in effect at each central bank’s most recent decision, announced between 03/19/2026 and 05/28/2026.
  5. LSEG Workspace. World | Gross Domestic Product. Year-over-year GDP growth, by country. Reference quarter Q1 2026 for most economies; a few report with a longer lag (back to Q3 2024). Data as reported through 05/29/2026.
  6. LSEG Workspace. World | Trade Data. Trade balance, exports, and imports, by country. Reference months March to April 2026 (most economies April 2026); values in US dollars.
  7. Reuters, 06/02/2026. Reporting on the Iran conflict and the Strait of Hormuz: the strait largely shut since the conflict began on 02/28/2026 (previously about one-fifth of world oil and liquefied natural gas), a ceasefire holding since early April with intermittent strikes, and Iran reviewing a proposed interim deal.
  8. The Wall Street Journal, 06/02/2026. Euro Zone inflation rose to 3.2 percent in May 2026 (from 3.0 percent in April), the highest since September 2023; the European Central Bank is reported expected to raise its key rate to 2.25 percent from 2.0 percent on 06/11/2026. Energy-led, with manufacturers’ input costs at their steepest since May 2022 and oil around 30 percent above its February level.
  9. MarketWatch, citing the European Central Bank, 06/02/2026. Gold has overtaken US Treasurys as the largest official reserve asset, reaching 27 percent of total official reserves at the end of 2025 against 22 percent for US Treasurys, on higher gold prices and central-bank buying as a hedge against geopolitical risk.

1. Compliance Disclosures and Risk Warnings

This commentary is published by Keaney Financial Services Corp for educational and informational purposes only. It is a diagnostic read of current market conditions. It is not investment advice, a recommendation to buy or sell any security, an offer or solicitation, or a guarantee of any outcome. Past performance is not indicative of future results and does not guarantee future returns. All investments involve risk, including the possible loss of principal. Markets can be volatile and values can fluctuate due to economic, geopolitical, regulatory, and other factors. Descriptions of whether a reading is “good,” “bad,” “normal,” or “not normal” describe reported macroeconomic data only and are not a view on any country’s markets or securities, or on the suitability of any investment for any investor. Readers should consult their own financial, legal, and tax advisors before making investment decisions. Keaney Financial Services Corp and its representatives do not guarantee the accuracy or completeness of any third-party data referenced herein.

2. Framework and Risk Management Disclosure

The KFSC Institutional Intelligence System, including its KFSC Macro Regime Model and four diagnostic frameworks (the Monetary Integrity Framework, the Liquidity Transmission Framework, the Strategic Scarcity Framework, and the Market Structure Framework), provides analytical tools used to support advisor decision-making.

These tools are not automated systems, do not predict future market outcomes, and do not dictate trades or portfolio actions. All portfolio decisions are made at the sole discretion of the advisor based on their interpretation of available data, client objectives, and prevailing market conditions.

Investing involves risk, including political and geopolitical instability, economic and monetary system changes, currency fluctuations, market liquidity conditions, and rapid price volatility. These factors may result in significant fluctuations in portfolio value and may not be suitable for all investors.

All investing involves risk, including the possible loss of principal.

Asset allocation, diversification, and risk management strategies are designed to manage risk but do not guarantee profits or protect against losses.

3. Forward-Looking Statements Disclosure

This commentary contains interpretive analysis of reported inflation, producer-price, wage, interest-rate, growth, and trade data, written in plain language for a general reader. These statements are based on current observations, publicly-reported information, and analytical interpretation. The commentary also references reporting on the Iran conflict and Strait of Hormuz oil-flow conditions, as reported by Reuters.

Plain-language characterizations, including whether a reading is “normal,” “warm,” or “a warning sign,” are interpretive and contextual, not predictions. There is no assurance current conditions will continue or follow any particular path. Any discussion of current conditions reflects interpretive analysis and is not a definitive explanation of causation or a prediction of future results.

Keaney Financial Services Corp does not produce forecasts. Where this commentary references forward-looking expectations, those references are interpretive context drawn from publicly-reported third-party sources. Forecasting future market data is not part of the firm’s analytical methodology.

4. Allocation and Positioning Disclosure

This commentary is not intended as investment advice for the general public. It is specifically prepared for clients invested in the KFSC Risk Managed Strategies and may not apply to other investments managed by advisors at Keaney Financial Services Corp. outside of these strategies.

The KFSC Risk Managed Strategies are discretionary, dynamic, and adaptive. Portfolio positioning, allocations, and exposures may change at any time without notice due to evolving market conditions and the advisor’s judgment.

These strategies are implemented across six distinct mandates on a spectrum from Preservation of Capital through Aggressive Growth (Preservation of Capital, Conservative, Conservative Growth, Moderate, Moderate Growth, and Aggressive Growth), each with its own risk profile, volatility expectations, and portfolio construction approach. Suitability of any particular strategy for an individual client is assessed prior to investment.

While the macroeconomic themes described in this commentary are derived from the KFSC Institutional Intelligence System and inform the firm’s broader outlook, the specific asset class allocations, position sizes, and underlying holdings may differ materially across strategies, consistent with each strategy’s risk mandate.

5. Methodology and Data Disclosure

The data in this commentary is drawn from six LSEG Workspace macro datasets, each cited in the Sources: World | Consumer Price Inflation; World | Producer Price Inflation; World | Wage Inflation; World | Central Bank Rates; World | Gross Domestic Product; and World | Trade Data. Each dataset covers roughly thirty of the world’s largest economies as of the dates shown in the Sources. Reference periods differ across economies and series: the inflation and price series are mostly April 2026, growth is mostly the first quarter of 2026, trade is March to April 2026, and policy rates reflect each central bank’s most recent decision through 05/28/2026. Data was drawn as reported through 05/29/2026. Each chart lists, for every country, the LSEG Date Reported and Period exactly as published. Central bank rates show each decision’s announcement and effective dates, and the trade series shows Period only, as that report carries no Date Reported. The commentary also references contemporaneous reporting from Reuters on the Iran conflict and Strait of Hormuz.

Charts present each dataset as reported. No derived composite scores or rankings are used. Plain-language figures (for example, prices rising “about 2 percent” or the US interest rate “around 3.6 percent”) are rounded for readability from the exact reported values shown in the charts. Where a country reports a given series on a delay, its reading reflects the most recent available period and may not be directly comparable to economies reporting a more recent period.

Keaney Financial Services Corp does not originate underlying market data. The firm contextualizes third-party data within the KFSC Macro Regime Model and related analytical frameworks. Source attribution is to LSEG Workspace and to the underlying producer of each figure. All data is believed to be reliable but is not guaranteed and may be revised, restated, delayed, or estimated.

6. Research, Data, and Technology Disclosure

Research, analysis, and data referenced in this material are developed through the KFSC Institutional Intelligence System, which integrates multiple data sources, analytical inputs, and research processes.

These sources may include contributions from non-affiliated third-party providers, including market data vendors such as LSEG Workspace, statistical agencies, central banks, and news organizations. Such sources are believed to be reliable but are not independently verified by Keaney Financial Services Corp. and are subject to revision.

As part of the research and analytical process, advanced computational tools and artificial intelligence systems may be utilized to assist in the organization, synthesis, and interpretation of data. These tools support analysis within the KFSC Institutional Intelligence System, but they do not independently generate investment recommendations, do not make investment decisions, and do not replace the advisor’s judgment.

All outputs are subject to human review, interpretation, and oversight.

No amount of research, data analysis, or technological support can eliminate the inherent risks of investing or guarantee any specific outcome.

7. Specific Securities Disclosure

This commentary does not name, recommend, or specifically reference any individual security, exchange-traded product, fund, or financial instrument. References to currencies, energy, and broad asset categories are to macroeconomic constructs in the aggregate, not to any specific issuer or vehicle. Any security held in client portfolios is selected on the basis of advisor due diligence and the risk mandate of the specific KFSC Risk Managed Strategies within which the client is invested. No portion of this commentary should be interpreted as a recommendation to buy, sell, or hold any specific security.

8. Historical Event Selection and Dataset Disclosure

The information referenced in this material is drawn from the six LSEG Workspace macro datasets identified in the Sources, together with reporting from Reuters on the Iran conflict and Strait of Hormuz.

References to current conditions and to the ongoing Iran conflict and Strait of Hormuz are observational data points drawn from the cited sources, not selected discrete historical events used for backtesting or trend extrapolation. Past patterns are not a reliable predictor of future patterns.

All current-period figures are as of the dates and reference periods specified in the original source publications and are subject to revision as new information becomes available.

9. Statistical Interpretation and Non-Predictive Use Disclosure

All figures presented, including inflation, producer-price, wage, interest-rate, growth, and trade-balance readings, are drawn directly from the LSEG Workspace datasets identified in the Sources and are provided for descriptive and contextual purposes only.

These measures do not represent expected outcomes, do not imply probability of recurrence, and do not constitute forecasts or projections. Plain-language verdicts such as “normal” or “warning sign” are interpretive context, not statistical claims. Keaney Financial Services Corp does not claim that any condition described will continue, reverse, strengthen, or weaken.

All forward-looking interpretations remain subject to uncertainty and advisor discretion.

10. Advisor Discretion Statement

All investment decisions are made at the sole discretion of the advisor. This commentary is a diagnostic read produced by Keaney Financial Services Corp. It does not constitute personalized investment advice. Allocation decisions, position sizing, and timing within any client portfolio are the discretion of the advising representative, applied to the individual client’s circumstances, risk tolerance, time horizon, and objectives.

Models diagnose. Advisors decide. Portfolios implement.

11. Business Entity Disclosure

Keaney Financial Services Corp. provides insurance and financial services. Ameritas Investment Company, LLC (AIC), Member FINRA / SIPC, provides securities and investments. Ameritas Advisory Services, LLC (AAS) provides investment advisory services.

AIC and AAS are not affiliated with Keaney Financial Services Corp.

Ernesto Keaney is an Investment Adviser Representative of Keaney Financial Services Corp., available through the Ameritas Wealth Platform. This commentary is intended for U.S. recipients only unless otherwise indicated.

Models Diagnose. · Advisors Decide. · Portfolios Implement.

KFSC COMMENTARY · MAY 2026 · MACRO CLARITY FOR REAL-WORLD DECISIONS · KEANEY FINANCIAL SERVICES CORP

Version 1.12 · 05/31/2026, updated 06/02/2026 · Data as reported through 05/29/2026 · Subject to revision.