2Q15 Quarterly Commentary

The second quarter of 2015 was marked by a combination of uncertainty and complacency as interest rates and oil prices jumped, domestic equities returns were flat to slightly negative and the U.S. dollar was basically unchanged versus most major currencies.

For the quarter, the Russell 3000 Index posted a 0.14% return, as the domestic equities market traded within a fairly narrow band.  Interest rates experienced a dramatic reversal as the yield on 10-year U.S. Treasury rose from 1.90% at the start of the quarter to end at 2.40%.  Oil staged a strong rally as domestic prices surged nearly $12 per barrel to end the quarter above $59, while the price of gold was flat.