A Rise in Volatility

The Wall Street Journal described August as “head-spinning” for stocks, and we can’t disagree.^[1] The month brought ever-changing news on trade and global economic prospects, and the S&P 500 feel at least 2.5% on three different days as investors grappled with what might come next. With fears growing, the yield on the 30-year Treasury bond fell to the lowest record ever.