The Fund was up 2.14% during the second quarter compared to the policy benchmark of 1.83%. A positive gain. Not surprisingly, the most recent employment numbers, which were lower than expected, prompted something of a downdraft in the general market in the past two trading days, which engenders a certain amount of gnashing of teeth. But those same lower numbers make a September rate cut almost inevitable. The Fed will then likely wait for a month or two (or three) to see what effect that cut will have as it moves through the economy. The Board of Managers, whose collective experience encompasses historical periods of much higher rates, keeps a weather eye on the economy, the indicators, the Fed and the Fund.