Private Wealth Management
Quarterly Viewpoint

Second Quarter, 2016

U.S. financial markets enjoyed a mild, pleasant rally for much of the second quarter, leaving behind the anxieties of the first.
The U.S. economic growth was looking up, still anchored around 2% for the year, but talk of 2.5% started to build as consumer spending rose and the housing sector improved.


“You can’t build a wall around a village. The sun and the wind will always find their way in.”

- Igor Goldkind, American author and poet


Crude oil prices were rising, crossing $40 per barrel in mid-April and testing $50 by mid-June. In light of the better economic outlook, the Federal Reserve was widely expected to increase interest rates. However, the Fed kept policy rates unchanged which allowed U.S. Treasury bond prices to resume the positive trend since the beginning of 2016.

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