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Commentary
Canso 2005 Q2 Market Observer

Or more appropriately to the sentiment of bond managers: Confounded Markets! In the first six months of 2005 the U.S. bond market has returned 2.9%, with a strong second quarter offsetting the 0.6% setback in the first quarter. This performance came from declining long-term interest rates despite monetary policy tightening by the Federal Reserve, a robust U.S. economy and oil prices rising to record levels. The market maxim of “Don’t Fight the Fed” seems a little stale dated in today’s bond market.

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Canso 2005 Q2 Market Observer