After more than two years of steady and gradual increases, on August 8th the Federal Reserve Board decided to hold short-term interest rates unchanged at 5.25%. Announcing its decision, the Fed indicated that its previous rate hikes combined with high energy prices had contributed to a mild slowdown in U.S. economic growth. Cooling housing markets in many regions of the U.S. appeared to confirm this view. A slowing U.S. economy reduced pressures for further restrictive policy despite core inflation numbers remaining above the Fed’s stated comfort level..........

The Economy Domestic Large Cap Equity Mid and Small Cap Equity International Developed Markets ......