Global equities had a spectacular rebound to start the 4th quarter, as central banks across the globe increased talks of further economic stimulus. The S&P 500 had it best month, up +8.44% since March of 2009.

High yield led the fixed income sectors (Barclays U.S. Corporate High Yield Index +2.75%). Treasuries were down sharply across the yield curve. The short end of the curve was hit especially hard, as the 5-Year U.S. Treasury was down –0.56%. The current volatility within the fixed income sectors highlights how a tactical approach to fixed income can provide value in an asset allocation.

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