In this issue:

Economic and Market Overview

The Road to Recovery
With the release of the final estimate of second quarter GDP, the severity of the pandemic-induced lockdown of the U.S. economy became quantifiably manifest.

Fixed Income Commentary

Sticking the Landing
It is somewhat unsurprising the humble Midwest town of Des Moines, Iowa, is a hotbed for gymnastics, having been the development and training ground for some of the sport’s top athletes.

Equity Commentary

Head in the Clouds
We hear a lot of derision when the stock market is used as an economic indicator. The skepticism is understandable, and a lot of times may be warranted.