Investment grade fixed income continued to perform well during the third quarter, extending last quarter’s gains. Concerns about global growth and the U.S./China trade dispute kept investors on edge, extending the Treasury rally, while strong investor demand held corporate spreads in check. Going forward we remain constructive on the economy but are taking a defensive posture heading into year-end.
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Markets were quiet in the third quarter, but there was plenty of economic activity. On the downside, the trade war dragged on and the repo market had a mini-meltdown. In better news, equity investors curbed their enthusiasm for speculative names and the housing market began to rebound. Overall we remain cautiously optimistic the expansion will continue.
Domestic equity markets were remarkably resilient in the third quarter, posting modest gains despite multiple economic headwinds, including the U.S./China trade conflict , Brexit, unrest in Hong Kong, and a slowdown in Europe. Given these challenges, our focus remains on dominant companies enjoying strong secular tailwinds.
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