Bonds did best during the second quarter, with Treasuries returning 2.4 percent and the Bank of America corporate-debt measure rising 1.9 percent. The MSCI equity index gained 0.4 percent, and the S&P commodities gauge sank 7.9 percent. Stocks won in the first half, advancing 5 percent as commodities rose 2.7 percent and both bond measures returned 2.5 percent.

Financial markets were whipsawed in June as Greek Prime Minister George Papandreou fought a legislative battle for the austerity plan and withstood a confidence vote, staving off default. He won parliamentary approval to implement a 78 billion-euro ($112 billion) package that was a condition of receiving further EU aid.

As much as $4.1 trillion was erased from global equities since May 1, when values reached an almost three-year high of $56.1 trillion. Equities fell as data showed confidence among U.S. consumers diminished, China reported a smaller-than- estimated trade surplus and U.K. manufacturing growth declined more than economists forecast.

Paring Declines

The U.S. benchmark measure retreated 1.7 percent in June when dividends are included. The Stoxx Europe 600 Index lost 2.9 percent. The MSCI Asia Pacific Index fell 1 percent.

Stocks pared declines in the final days of the month. The 4.2 percent gain since June 24 in the MSCI All-Country World Index was led by groups most tied to economic growth, with energy, raw-material, financial and industrial companies posting advances of 4.3 percent or more. The index rose 0.2 percent today.

During the past four days, Treasury 10-year notes slid in the longest losing streak since February as the Federal Reserve ended its $600 billion purchase program known as quantitative easing. They also slumped as S&P said it would cut the U.S. credit rating to the lowest level if the government fails to increase the debt limit.

Swiss Franc

Fed officials lowered their forecasts for growth and employment this year and next, projecting the economy will expand 2.7 percent to 2.9 percent this year, down from forecasts ranging from 3.1 percent to 3.3 percent in April. U.S. central bankers said inflation, excluding food and energy, will be higher than previously forecast. They said the pace of recovery is likely to "pick up over coming quarters."

The Swiss franc had the biggest gain among major currencies in June, strengthening 1.6 percent versus the dollar and 0.9 percent against the euro. The yen appreciated 1.2 percent versus the greenback, while the euro increased 0.7 percent. In the quarter, the franc gained 9.4 percent, the euro rose 2.4 percent and the yen increased 3.2 percent versus the dollar.