Optimism across markets continued to increase through the month, reaching excessive levels as global growth slows and a variety of earnings factors such as forward earnings momentum and earnings revisions weaken. The persistence of gold pricing, and decreases in global bond yields, signal continuing difficult and volatile markets for risk assets. Clearly, the Fed’s pause in tightening helps extend growth and profits in the US which, with China’s capacity to stimulate, is supportive of markets and economies globally.