The likely next head of the Federal Reserve said what she was expected
to say this week, and the markets responded with record-setting
This week's economic releases, although providing plenty of upside
surprises, continue to support our slow-growth thesis.
One of the most important investment decisions that USAA members will
face in the years ahead is the allocation they make between stocks and
bonds in their portfolios.
Despite a week filled with news from the Federal Reserve, economic data
and corporate earnings reports, none of this data appeared to be a
meaningful directional driver for stocks.
Earnings season is underway with overall results holding up fairly well.
With roughly half of all companies in the S&P 500 index having reported
third quarter earnings, average growth has been 7%,a respectable