It has been an interesting and eventful year so far. Heading into 2023, it was widely expected that the U.S. was headed toward recession and that the equity markets would face continued volatility amid the uncertain economic outlook. But in the nine months since, we’ve seen a resilient U.S. economy that continues to grow at a healthy rate and a U.S. stock market that has advanced by double-digits year to date. Nonetheless, the markets are still not without meaningful risks as evidenced by stock and bond market performance over the last couple of months. As a result, it is worth exploring what we might reasonably expect from capital markets as we move through the final three months of the calendar year.