"Our second quarter letter was titled 'Revenge of the Normal,' appropriately describing market conditions that had transitioned from the COVID wall of worry to future growth expectations in a post-COVID world. While the third quarter saw some overhang concerns about the Delta variant of the Coronavirus, there were no discussions on moving back to the lockdown status that permeated throughout the national dialogue a year ago. Instead, market participants and investors continued to wrestle with the nature of inflation (transitory versus longer lasting), the level of fiscal and monetary support from legislatures and central banks, trajectory of interest rates, and geopolitical and financial volatility percolating in China. In the United States, we have yet another debt ceiling battle that could roil markets. Additionally, we are facing the prospect of a new tax bill and an infrastructure spending bill with a yet-to-be-determined price tag (with an estimated floor of One TRILLION dollars). If the second quarter was revenge of the normal, the third quarter could most aptly be described as 'some more normal with a side of inflation...'" Click here to finish reading the Q3-21 Market Commentary.

Prepared by Schneider Downs Wealth Management Advisors, L.P.