There were several notable developments during the first quarter of 2021. First and foremost, North America has made significant progress on the vaccination front. Although we are not out of the woods yet, this does bode well for the reopening of the economy. Secondly, the U.S. Government passed a third round of COVID-19 fiscal relief with the American Rescue Plan bill, totalling US$1.9 trillion. From the central bank perspective, both the U.S. Federal Reserve and the Bank of Canada have reiterated their intentions of maintaining accommodative monetary policy for the next 24 months. They explicitly indicated their intention to leave the overnight interest rates at current levels, 0.25%, until 2023. They have also reaffirmed their asset purchase programs and will continue to buy securities in the open market, namely government and corporate bonds. These actions from central banks will continue to support the economic recovery. In combination, the above developments led to a significant increase in interest rates and continued stability in corporate spreads. Through the first quarter, five-year and ten-year interest rates rose approximately 0.50% and 0.80% respectively. As we look out to the remainder of 2021, although short term interest rates are likely to remain low, medium and longer term interest rates are likely to continue to drift higher. Rising rates and the steepening yield curve are a sign of a healthy economy and expectations for greater growth into the future. The economy can withstand these tighter financial conditions, but a gradual adjustment will be much better received than a more abrupt tightening. The introduction of Limited Recourse Capital Notes (LRCNs) has also created an interesting environment for income alternatives. LRCNs may begin to impact the preferred share segment of the market, and the outlook for both LRCNs and preferred shares has improved in recent months. Overall, remaining defensive with respect to duration and selective in credit will be critical going forward.