In this issue:

Economic and Market Overview

Affirming the Moderation
For investors, particularly equity investors, the past 15 months have been extremely rewarding. Over that time, domestic stocks have risen sharply as the Russell 1000 Index of large capitalization domestic stocks returned 34.9% and the small capitalization segment of the domestic equity market, as measured by the Russell 2000 Index, delivered an even more impressive return of 43.4%.

Fixed Income Commentary

Right Back Where We Started
The bond market for the quarter can be described like the journey of a billionaire astronaut, going up then down, and ending in the same place.

Equity Commentary

Domestic Equities
The good news is U.S. equity markets were positive in the third quarter of 2021. This is the sixth consecutive quarter of positive returns from the S&P 500 Index.