- As widely anticipated, the Fed concluded its September meeting with a decision to stand pat on interest rates, though momentum appears to be building within the FOMC to take action by December.
- September defied its reputation for being a notoriously bad month for stocks, with most of the major indices achieving gains, capping a third quarter that was broadly positive for equities.
- Among domestic equities, small-caps led the way with a 1.1 percent return, while mid-caps edged up slightly and large-caps ended the month unchanged.
- International equities edged out their domestic counterparts, supported by a combination of positive local performance and a weakening dollar.
- September brought mixed results for fixed income benchmarks; the Barclays Aggregate edged downward 0.1 percent as the yield curve steepened slightly, while the more-risk correlated parts of the market managed small gains.