In this issue:

Economic and Market Overview

How ’Bout Them Markets!
As the second quarter progressed from April into May, it would have been completely understandable if equity investors anticipated a weak follow-through from the very strong returns generated in the prior three months.

Fixed Income Commentary

Beware the Consensus
A year ago bond yields were moving up materially and reached multi-year highs. Economists were racing to put up the highest number on their yield forecast for 2019 while financial advisors were fielding constant questions about potential losses from their clients’ fixed income portfolios.

Equity Commentary

The Second Quarter in Review
Equity investors rode a rollercoaster during the second quarter. As the quarter began, global equity valuations extended their rise initiated during the first quarter.