The broader U.S. equity and fixed income markets have managed to tread water since mid-April. Over the past six weeks, the S&P 500 has advanced 0.45%, while U.S. Treasuries, ranging from 2-year to 30-year maturities, have barely moved. Now that Q1 earnings season is largely behind us and additional fiscal stimulus talks have seemingly stalled, financial markets are able to take a much-needed breather.

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