Financial markets often enter a lull as spring transitions into summer. Corporate news releases and trading volumes slow as individuals prioritize vacation over work. This quarter proved exceptionally quiet. Concerns about a regional banking crisis have subsided, and inflation has continued to moderate, leading to a slowdown in Fed rate hikes. Last quarter’s increase in initial and continuing unemployment claims reversed, and housing starts surged 18%, even with record mortgage rates. Against this backdrop, equity markets have appreciated, and volatility has plummeted.