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U.S. equity markets rose 8.2% (Russell 3000) in the second quarter on the wide-spread vaccine rollout
and resurgent economic growth
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International equities rose to a lesser extent, posting a 5.5% gain over the quarter (MSCI ACWI ex U.S.).
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The broad U.S. fixed income market was up 1.8% for the quarter (Bloomberg Barclays Aggregate) as
longer-term interest rates moved lower. Interest rates on the 10-year Treasury dropped by about
30 basis points over the quarter.
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The U.S. labor market stabilized during the second quarter with unemployment hovering
around 6% throughout the quarter.
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Marking a change from the last two quarters, growth stocks reasserted leadership with the Russell 1000
Growth outperforming the Russell 1000 Value by over 6 percentage points this quarter.
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The Federal Reserve kept rates at nearly zero during the quarter and signaled their expectation of
near-term asset purchase tapering and possible interest rate increases in 2023.
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