In this issue:

Economic and Market Overview

Another Rough Quarter
Investors continued to be buffeted by stormy markets in the third quarter with equities and bonds deteriorating further from their second quarter declines.

Fixed Income Commentary

Bonds Tumble as Fed Focuses on Inflation
During this quarter, core fixed income returns had their worst month in more than 40 years amid their worst year in recent memory.

Equity Commentary

Tumultuous Quarter
As we began the third quarter, equity markets rallied into mid-August in the face of falling interest rates. This reversed as near-term sentiment turned negative.