Through the first nine months of this year, U.S. equities delivered solid returns and far outpaced other asset classes—notably, bonds and international equities. Thinking back to our last two conversations, we’ve been saying that a pullback of U.S. equities, like what we’ve seen in October, would not be unexpected. Much of the explanation for this recent market action stems from the Federal Reserve’s tightening of monetary policy—meaning we’re seeing higher and higher short-term interest rates.
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