Quarterly Commentary – Third Quarter 2019
“There is no risk-free path for monetary policy.” Jerome Powell
U.S. stocks continued to grind higher in the third quarter despite elevated bouts of volatility along the way. This now familiar pattern of market selloff followed by market strength has resulted in very strong YTD performance for most broad U.S. stock indices, but only modest returns on a 1-year basis. Trade related headlines, the actions of the Federal Reserve, and manufacturing data remain among the biggest drivers of markets at this time.