Global equity markets had a rough third quarter – especially the smaller-cap and tech names. The month of September was especially difficult, as volatility increased, oil jumped, and the S&P 500 closed out September with 4 consecutive losing weeks. 

The themes that drove market performance in the third quarter continued to center around inflation, the Fed, the housing market, and the labor market, as recent numbers suggested that inflation is easing as the Fed paused its rate-hiking trend (at least for now). There was also a lot of encouraging economic data received this quarter as well, including hopeful GDP numbers and consumer sentiment levels.

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