US stockmarkets rebounded well over April. The smaller companies Russell 2000 index rose by 4.6% (£, total return), slightly behind the Dow Jones Industrial Average and S&P 500 index, which climbed by 5.1% and 5.2%, respectively.Some investors began to think that the worst of the credit crisis may be behind us and announced corporate earnings generally proved encouraging. The US Federal Reserve lowered its benchmark rate by 0.25%, to 2.0%, and is not expected to make further cuts near term as they wait for the effect of their recent measures to work through, as well as being mindful of higher levels of inflation. March housing figures were poor.Both new home sales and building starts fell to their lowest levels in 17 years. Recent jobs data, including a loss of just 20,000 workers from April payrolls, suggests that any recession being experienced may be mild. So far, the majority of employers have been reluctant to shed trained staff, preferring recruitment embargoes instead.