by Dan Zalipski, CFA & Scott Rosenquist, CFA
Equities in the U.S. were largely unchanged in the past month with the S&P 500 up approximately 0.5%. The international developed markets took a breather with a 5 day sell-off, with most major international indices shedding approximately 1%. The slide seemed to be triggered by weakness in commodities, and lower expected demand for oil. Nearly every fixed income asset class posted negative returns over the past month. Solid U.S. economic reports helped push prices lower as investors shifted assets towards riskier spaces. The Fed signaled its intention to increase interest rates in December, and progress surrounding U.S. tax reform is also pushing yields higher, which in turn puts downward pressure on the fixed income prices.