Inside This Issue—Second Quarter 2008
Not All Central Banks Are Created Equal
Why We Should Be Concerned
In June 1, 2008, the European Central Bank (ECB) celebrated its tenth anniversary. We take this opportunity to reflect on what impact this institution has had on the Federal Reserve System and its monetary policy.
Credit
Markets Remain Vulnerable Despite Improvement in Second Quarter—
Fixed
Income Sector Review
The corporate bond market rebounded from the depths of the credit crisis to outperform duration-matched Treasuries by 158 basis points in the second quarter of 2008. Spreads tightened 24 basis points during the period, making up some of the ground lost after spreads had widened 90 basis points in the first quarter.
Real GDP appears to have expanded in the first half of the year at a slightly better than 1% pace despite the ongoing housing market correction, a crisis in the financial markets, and surging food and gas prices.
Investment Results as of 6/30/08 [login required]
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