Q3 Market Update and Economic Outlook
During the third quarter, the S&P 500 advanced strongly, gaining 5.5%. As anticipated, we experienced a notable pullback in August, with the market dropping over 6% from high to low, largely driven by a weaker-than-expected Employment report. The bond market, however, performed well with interest rates falling due to signs of a weakening economy. The Bloomberg Barclays U.S. Aggregate Bond Index, which measures the performance of the U.S. investment-grade bond market, increased by 5.20% for the quarter.