Risk assets broadly rallied in the second quarter as global economies began to reopen amid the COVID-19 pandemic. Throughout the quarter, global central banks and governments enacted unprecedented accommodative fiscal and monetary policies in an attempt to counter the economic damage of the pandemic shutdowns. Rising hopes for a vaccine and the occasional upbeat economic data print added to the optimism. Despite the risk rally, COVID-19 continued to give investors pause following a resurgence in cases across the U.S. since mid-June. As of July 22, there were more than 15 million confirmed global COVID-19 cases while the U.S. had nearly four million cases and 143,495 confirmed deaths, representing nearly 25% of the confirmed global deaths1.