|Earlier this week, Federal Reserve Chairman Powell indicated that recent low inflation pressure may just be “transitory,” hinting that a rate cut may not be on the horizon. The decision to leave rates unchanged lifted bank shares and Treasury yields. The 10-year Treasury is trading at 2.546%, approximately where it was a week ago and only about 7bps higher than the prior month. The U.S. equity markets are near record highs set in October 2018 when the DJIA closed at 26,828. We are currently trading at 26,275, just 550 points off the record close. Almost three quarters of the S&P 500 have reported positive first-quarter earnings and Apple Inc.’s earnings on Wednesday pulled the S&P to record highs, registering its best four-month rally in nearly nine years.