Financial News and Portfolio Management Discussion through September 11th

Global stocks fell over economic growth worries brought about by the Delta variant. The S&P 500 dropped 1.7%, while the Dow sank 2.2% for the week. Abroad, the FTSE All World Ex US ticked down 0.4% for the week. The yield on the 10-year Treasury edged up over the week to end at 1.34%.

At the conclusion of its meeting the ECB said it would keep monetary policy loose for some time, but would slightly scale back its bond purchases to reflect improving prospects for the eurozone. Bond purchases would be conducted at a “moderately lower pace” over the next three months.

The Fed’s beige book report showed a softening of economic activity in July through August.

Weekly jobless claims fell to 310,000, a new pandemic era low.

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