Through the 3rd quarter, the US economy continues to improve, although the recovery remains fragile. GDP growth bounced back after a weak 1st quarter, growing at a 3.9% rate during the 2nd quarter. Unemployment continues to improve and wage growth continues to be modest. Inflation remains below target as the Fed held short-term interest rates steady at their September meeting, citing concerns about a fragile recovery and global economic weakness. Most members of the Fed Open Market Committee still expect rates to rise in 2015. Global economic fears have pushed stocks into the red this year as macroeconomic concerns, particularly in China, have driven volatility higher. Emerging market stocks posted the worst losses of the quarter, declining 17.78% largely driven by events in China. Global factors have also played a part in selloffs in the US energy and materials sectors, posting the largest losses for the period, down 17.41% and 16.9% respectively. Utilities were the lone bright spot this quarter, as the only sector with positive returns. REITs were another bright spot, posting a modest 0.76% gain during the third quarter. Weakening demand in China and low energy prices continue to hurt commodities pricing, with the Bloomberg Commodity Index declining 15.8% for the quarter.