Quarterly Commentary September 2018

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The third quarter of 2018 revealed resilience in the equity markets despite a contentiousness in Washington and the threat of trade wars. The S&P 500 increased 7.2% for the quarter.

Why this resilience? The U.S. economy is very strong. Third quarter GDP is over 4%, unemployment is very low and both wage growth and inflation are modest. The Federal Reserve raised interest rates in September and is expected to raise rates again in December.

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