Some of the media was focused on a Will-they-or-won’t-they? guessing game (sometimes called punditry) trying to predict whether the Fed will decrease interest rates in their July meeting. There was much ado in the news and on various social media platforms, and finally, as the data came in and Fed Chairman Jerome Powell announced, the answer was, Not This Time. Not everyone was happy, but the Fed, in a time of continuing uncertainty, works to use the most reliable information as it affects the broader economy to make the decision. As do the members of the Board of Managers. The Fund’s gross return from January 1, 2025 through the end of July excluding administrative expenses, which are very low, was 7.14%.