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Executive Summary
September was another solid month for global financial markets. It capped a
strong third quarter for investors.
September has historically been a difficult month for US equities, but this
September provided a refreshing break from the past.
Fixed income returns were also strong in the month as the Federal Reserve
delivered a September interest rate cut.
We are concerned by modest labor market weakening, but US GDP growth and
consumer spending remain resilient.
What we're watching: Can US interest rates decline without lifting inflation
higher next year?
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