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It was a record-setting quarter for bonds and stocks.  Shortly after the Brexit vote, the yield on 10-year U.S. Treasury bonds hit an all-time low of 1.37%.  A few days later the S&P 500 Index reached an all-time high. This is unusual as historically stock and bond markets tend to move in opposite directions.

In the closing days of the second quarter, British citizens surprised the world by voting to leave the European Union.  Stocks fell, safe haven assets such as treasury bonds and gold rose, and the British pound and euro sold off.  After the initial sell-off, global stocks rebounded to finish the quarter slightly higher while bond yields remained near all-time lows.  The first half of the year saw lots of ups and downs but global stocks produced modest gains while bonds were stronger as interest rates plummeted. 

Stocks got off to a rough start but rebounded strongly in the second half of the quarter to end close to where they started.  Concerns early in the quarter over slowing growth in China, plunging oil prices, and a slowdown in the U.S. economy led to double-digit losses for U.S. and international stocks.   Then, a sharp rise in oil prices, supportive central bank monetary policy, and steady U.S. economic data led to a swift recovery for markets.

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