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October Market Sell-Off

Volatility has returned to the market for the first time since the January-March 2018 period with a 6.71% sell-off for the month of October on the S&P 500 Index. Amidst that backdrop, the Federal Reserve raised interest rates yet again in September with a 0.25% hike to the Federal Funds Target Rate Upper Bound now at 2.25% from 2.00%. Furthermore, the Trump Administration's protectionist trade policy is threatening American multinational sales and exports as trade partners retaliate against tariffs. We believe the potential for a protracted trade war in a rising interest rate environment could be a catalyst for the current sell-off. The bull market, however, remains intact. The 14-day relati

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