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Global Equity markets posted negative returns over
the quarter with International equities outperforming
U.S. equities. Fixed income markets were flat over
the quarter
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U.S. equities returned -4.0% (Russell 3000) as large
cap value outperformed large cap growth on the
quarter by about 1190 basis points (2.1% for Russell
1000 Value vs. -9.8% for Russell 1000 Growth). Small
cap value also outperformed small cap growth on
the quarter by about 780 basis points (5.0% for
Russell 2000 Value vs. -2.8% for Russell 2000
Growth).
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International equities and Emerging Markets equities
posted small negative returns over the quarter,
returning -1.1% (MSCI EAFE) and -0.2% (MSCI
Emerging Markets), respectively.
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The broad U.S. fixed income market returned 0.0%
(Bloomberg Barclays Aggregate) as rates increased
across most of the curve from the previous quarter
end. The Federal Reserve did not make any changes
to the Fed Funds Rate over the quarter.
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The unemployment rate ticked down to 4.3% from
4.4% at the previous quarter end.
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