Portfolio Manager Commentary

Overview, strategy, and outlook: As of October 31, 2018

As was widely expected by market participants, the Federal Open Market Committee (FOMC) raised the target range for the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) to 2.00%–2.25% at the conclusion of its September 26 meeting. The accompanying statement took note of ongoing strengthening in the labor market and economic activity rising at an accelerated rate...

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