October 21, 2013

 Asset returns over the 12 months ending September 30, 2013, have been a contrast in results. U.S. equities returned roughly 20% (as measured by the S&P 500 index) while bond returns, depending on the sector, declined 1% - 3%, due mainly to increasing yields. Much of the decline in bond returns occurred from May to August in reaction to comments in June 2013 by the Federal Reserve and its chairman, Ben Bernanke, suggesting that the U.S. central bank was ready to reduce the massive degree of monetary stimulus.

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