With inflation cooling in the U.S. and the Federal Reserve recently holding rates steady, global equity markets—especially tech-heavy indices like the NASDAQ and S&P 500—have shown renewed strength.

Key points to consider:

• US Core CPI for May rose only 0.1% (MoM), fueling rate cut optimism

• Investor bets are increasing on a rate cut as early as September

• Indian markets, too, are near all-time highs, riding the global liquidity sentiment

• Tech and growth stocks have regained momentum

But the question remains: Is this the beginning of a sustainable bull market, or just a relief rally?

We’re likely in the early stages of a sustainable bull market in some key areas (like Bitcoin and U.S. equities), but not uniformly across all markets. If macro tailwinds (like lower rates or geopolitical easing) persist, the bull can build. Otherwise, pockets of relief rallies may fade.