Economic and Market Overview

Easing Off the Accelerator
With continued progress being made in the fight against the coronavirus, GDP growth in the United States continues its recovery and has been moving higher at a rapid clip.

Equity Commentary

Equity Performance Review
Equity markets continued their rise during the second quarter. U.S. equities advanced 8.2% as large caps outpaced small caps 8.5% versus 4.3%.

Fixed Income Commentary

Bonds Bounce Back
After posting the worst quarterly decline since 1981 in the first quarter, it should not come as a shock the sector bounced back during the second quarter.

Economic and Market Overview

Hitting on All Cylinders
With the recent one-year anniversary of the equity market indices’ pandemic driven lows, it seems appropriate to review what has transpired since that momentous event.

Equity Commentary

Standard & Poor’s 500 (S&P 500) Index’s first quarter 2021 performance of 5.8% has contributed to the index being up 19% from its pre-pandemic peak. This is the fourth consecutive quarter of positive performance for U.S.

Fixed Income Commentary

The Worst Is Behind Us
Bond markets posted a decline of 3.4% this quarter – their worst return since 1981, as the 10-year U.S. Treasury climbed to a 1.7% yield from 0.9% at year-end.

Equity Commentary

What a year it was!
Looking back over this past year seems as if one was in a dream. 2020 started where 2019 left off as equity markets continued their advance.

Fixed Income Commentary

Beating Expectations
Fixed income returns for the quarter were positive as corporate bonds excelled. Shorter duration Treasuries remain glued to the floor on the expectation it will be several years before the Federal Open Market Committee attempts to raise the federal funds rate.

Economic and Market Overview

Two Steps Forward
While there are many adjectives that could be used to describe the experience for investors in 2020, one that is surely appropriate is breathtaking.