Market Commentary 
August was a good month for most markets, with domestic equities of all sizes posting strong results. Small caps rebounded after shedding 6% in July while large caps benefitted from leadership in defensive sectors. Emerging markets continued their recovery as Chinese shares appreciated, but European shares suffered from continued economic deceleration and geopolitical strife in the region. Fixed income benefitted from a continued decline in interest rates, as the declining yield on the 10yr US Treasury helped elevate bond prices. The 10yr Treasury declined to a 14-month low, but shorter-term interest rates continued in an uptrend that began last November, a sign the market is expecting the Fed to raise rates in 2015.

 
 
Every year, the Trustees of the Social Security Trust Funds release a report to Congress on the current financial condition and projected financial outlook of the program. This year's report, released on July 28, contains valuable information about the health of Social Security that may help you understand how your Social Security benefits might be affected.