In the second quarter of 2019, capital markets continued their first quarter upward trajectory, albeit at a decelerated rate and with greater intra-month volatility. The S&P 500, which at the end of May was negative 2.6% quarter to date, ultimately recovered to a positive 4.3% return. Fixed income, as measured by the Bloomberg Barclays U.S. Aggregate Bond Index, generated a strong quarterly return of 3.8%, benefiting from the Federal Reserve’s inclination to reduce interest rates coupled with low inflation expectations. 

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