Stepping Stones Outlook
The recently completed third quarter reminded us that financial markets entail risk even as the
Federal Reserve continues to pursue its extraordinary monetary policies adopted during the
financial crisis seven years ago. The third 10% stock market correction since the bull market
emerged in 2009 came after a record stretch of time without one. However, the volatility was
minor compared to the Black Monday crash of October 19, 1987 which convinced President
Reagan to establish the President’s Working Group on Financial Markets. Comprised of the
