Q2 2019 – Annandale Capital Quarterly Commentary

Step back in time one year when markets were at all-time highs and interest rates were marching upward. Would you have foreseen 10-year Treasury yields falling back to 2.0%? Would you have imagined the Federal Reserve contemplating a rate cut? How about markets implying the probability of that cut is 100%? We assume the answer to each of these questions is a resounding no.