The economy’s rate of growth continues to moderate from the rapid pace in the first quarter. A significant portion of the slowdown appears to be occurring in the consumer sector. Bond yields have tended to ease in  this environment, and equity prices have recovered somewhat from a recent  period of consolidation in the expectation that corporate earnings trends will remain generally constructive. In view of several volatile worldwide conditions, a careful examination of individual investments is  warranted when considering security selections.  For the full report please visit the following: http://www.briggsmanagement.com/commentary.pdf