The complete Quarterly Summary is available on the B|O|S website here.

The following are important footnotes from this episode:

[1] Source: Atlanta Federal Reserve website

2 Per the Wall Street Journal, the Fed has been purchasing $80 billion of U.S. Treasury bonds and $40 billion of mortgage-backed bonds every month since June of 2020.

3 Source: American Association of Individual Investors website 

4 Source: FINRA website, data through May 2021

5 Source for inflation data: St. Louis Federal Reserve website, core CPI was most recently as high as 3.8% in June 1992.

6 Source St. Louis Federal Reserve website: spot price of West Texas Intermediate oil. On April 20, 2020, the oil price ended the day with a negative value due to disruptions in the oil futures market.

7 CPI inflation averaged a 1.8% annual rate in the five years preceding the pandemic.

For important disclosures, please see bosinvest.com/disclosures.