In this issue:

Economic and Market Overview

Bouncing Back: How High, How Quickly?
With the recent release of the final measure of first quarter GDP, which registered -5.0%, investor attention is now migrating to the anticipated result for the quarter just ended.

Fixed Income Commentary

Whatever It Takes
The quarter began with continued Federal Reserve (Fed) policy actions to stem the significant decline in economic activity. The key policy regarding the fixed income market was the suspension of supplementary leverage ratios for banks.

Equity Commentary

Quarter in Review
Domestic equities captured their best performance since 1998. Their dramatic retracement took many by surprise, given the events that impacted the global economy during the first quarter.