As we head into the fourth quarter, investors are facing an unusual set of circumstances. The U.S. economy has continued to show resilience, with consumer spending holding firm, businesses investing heavily in AI, and equity markets performing well overall. At the same time, the Fed just raised interest rates, bonds have sold off sharply since the summer, and inflation remains stubbornly high. Today, Jeff Dicks, our Chief Investment Officer, will walk through the data behind these competing narratives, share what he is watching most closely, and explain how we are translating that outlook into the way we design and manage portfolios.

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