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2017 3rd Quarter Commentary

During the quarter, equity markets resumed their rallies, and the S&P 500 ended the quarter at 2,519—closing at a record for the 39th time this year. A synchronized global economic expansion is driving stock markets higher around the world.  Domestically, economic fundamentals such as consumer spending, housing, and manufacturing remain healthy. Congress has recently moved on to tax reform after another failed attempt to repeal and replace the Affordable Care Act.  A lower corporate tax rate coupled with repatriation of foreign earnings could have a significant positive effect on the market. Volatility in the market has been unusually low, but this could certainly change if the market starts to believe tax reform is following the same path as "repeal and replace." The Federal Reserve is expected to raise interest rates for the third time this year at its December meeting. With the global economy growing and stock markets rallying, central banks around the world are looking to move towards a more normal interest rate policy. We continue to position portfolios for modest growth.

Download the 2017 3rd Quarter Commentary