More signs of slowing global growth showed up during the third quarter. The effect of trade and economic uncertainty continues to be the biggest factors in the slowdown. Manufacturing production and capital expenditures have declined as confidence in future policy has diminished. The U.S. 10-year Treasury bottomed out at a 1.47% yield in the quarter as the yield curve (10 yr - 2 yr) inverted momentarily for the first time since 2007.

Download Commentary