There was not much to cheer investors over the three months ended October 31st. Every major asset class – besides money market funds – experienced losses, although the retreat in bond values was fairly mild. Several relatively lackluster economic reports along with growing concern over the trade confrontations with China seemed to be the primary causes of investor unease. Only a few sectors of the market were able to gain in value (utilities and consumer staples). Short term Treasury bonds also rose slightly.
