Overall, we remain cautiously optimistic on US equities with further gains possible due to high cash balances on corporate balance sheets, continued policy support, and a relatively successful vaccination program. These positives are balanced by concerns related to the new Delta variant, the strong recent run, and the potential that companies will not be able to continue to pass along higher material and labor costs to consumers. Given the recent regulations issued by China and its relatively early reopening of the economy last year, we expect weaker results going forward. Recent issues with highly leveraged property developer, Evergrande, also could weigh on results. This could continue to put pressure on emerging market equity returns through a potential decline in Chinese demand for industrial materials from emerging market exporters and through its very large weighting in the emerging market indices. Beyond China, struggles with containing COVID-19 in other countries also dampen our view of emerging markets equities. We view equities in developed markets favorably, given some progress made in containing the virus and the cyclical sector focus. Fixed income has become more attractive, particularly longer-dated issues, as a hedge against the many uncertainties facing the market and economy and as inflation fears moderate. Our view on shorter-term bonds has also improved given higher rate expectations and potentially less inflationary pressures. Although credit spreads remain extremely tight, we remain neutral on high yield bonds, recognizing that issuers generally continue to maintain strong balance sheets in an economic recovery. We also remain neutral on commodities as supply issues ease and given the potential impact on demand if economic conditions related to the virus deteriorate.