Executive Summary
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- U.S. equities continued to climb, achieving all-time highs across the board, gaining 8.0% with small-caps gaining more at 11.7% in Q3.
- Emerging markets outpaced U.S. and developed market growth, posting 10.6% growth for the quarter.
- The Fed cut rates due to a shift in economic fundamentals, causing yields to fall and prices to rise in bonds, which grew 2.0%.
- AI continued to dominate headlines, while CAPE ratios approach record highs across equities.
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