By Matt Johnson, CFA® and Andy Nugent, CFA® Market Recap, Portfolio Analysis, and Review The second quarter saw COVID-19 restrictions drop significantly in the United States, which meant many venues opening to full capacity. Concerts and sporting events drew large crowds as people were ready to get out and socialize after a year of being locked down. Consumers were not just spending on entertainment, but also on discretionary items like cars and construction projects. Demand

By Andy Nugent, CFA® It seems every time I turn on the news these days, news reports about inflation are “all the rage”. Rates are headed north, new and used car prices are up, lumber is through roof, and just look at the gas prices! Inflation is here for the long-term, they say. Not so fast! Let’s take a closer look. There has been a big concern that rates are headed higher which generally leads to inflation over the longer term. Currently the 10-year treasury yield is