Fed increases target interest rates in September
MONTHLY MARKET COMMENTARY |
The Federal Reserve voted to increase target interest rates during the month of September. This resulted in a near parallel shift across the yield curve. The Fed will meet two more times in 2018, in November and December.
Communication Services, a newly configured Global Industry Classification Standard sector outperformed. The sector expands telecommunications and includes marquee names such as Alphabet, Netflix, Disney, Comcast and Facebook. The change will not create any sweeping fundamental differences, but sector allocations are likely to shift solely as a result of the new classifications.