...Good morning, everyone, and thank you for joining us. We started the second quarter with significant headwinds and uncertainties, and it's fair to say that we ended the quarter overall in a better place with a better tone. The headwinds reflect the ongoing market transition from a high inflation, low rate environment to a higher rate, lower inflation environment. In addition, there were several other issues impacting the markets. April started on the heels of the first bank crisis since 2008, which had the risk of bleeding into the broader financial system. Prompt action by regulators in what turned out to be idiosyncratic stories of the failed banks combined with the strength and support from the large U.S. banks help to rebalance the system. Second, we found our country moving headlong into a debt ceiling crisis. While our view was it was likely to be resolved, there is no doubt it created unnecessary uncertainty in the markets in April and May. Thirdly, after rapidly rising rates over...
