Market Comments: As of September 2015
Stock market losses from August continued through the month of September, capping off the worst quarter for equities since 2011. The S&P 500 and the internationally focused MSCI EAFE index were down 6.44% and 10.23%, respectively, in the 3rd quarter. While the Chinese economy is slowing, bungled policy responses to recent economic developments from the country’s government have likely exacerbated volatility not just in its own markets, but globally. Here in the U.S., a much anticipated Federal Reserve decision resulted in no charge in interest rates, but newly added language regarding international concerns in its post-meeting statements created further uncertainty about the further uncertainty about the future path of monetary policy. Domestic economic data remains solid though, with 2nd quarter GDP revised upwards to 3.9% annual growth, buoyed by a strengthening housing market and resilient consumer.