{"id":1079,"date":"2021-09-07T15:46:28","date_gmt":"2021-09-07T19:46:28","guid":{"rendered":"https:\/\/www.nepc.com\/private-wealth\/?p=1079"},"modified":"2021-09-07T15:46:28","modified_gmt":"2021-09-07T19:46:28","slug":"august-2021-market-commentary","status":"publish","type":"post","link":"https:\/\/www.nepc.com\/private-wealth\/august-2021-market-commentary\/","title":{"rendered":"August 2021 Market Commentary"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column][vc_column_text uncode_shortcode_id=&#8221;142179&#8243;]Risk assets pushed higher in August with encouraging economic data, still-accommodative monetary policy, and strong corporate earnings underpinning positive sentiment. Despite another month of robust returns, concerns loomed over the continued spread of the Delta variant, negatively impacting consumer sentiment and expectations.<\/p>\n<p>In the U.S., the S&amp;P 500 Index posted a 3.0% return \u2013 marking the index\u2019s seventh straight monthly gain. Internationally, the MSCI EAFE and MSCI Emerging Markets indexes increased 1.8% and 2.6%, respectively. Emerging market equities experienced a particularly volatile month as additional Chinese regulatory actions incited a sell-off, though the index rebounded by month-end.<\/p>\n<p>Late in the month, the Federal Reserve held its annual meeting in Jackson Hole, WY, where Chairman Jerome Powell\u2019s speech was interpreted as dovish: he pointed to the economy\u2019s progress on inflation goals and the expectation that the labor market will reach its threshold shortly. As a result, balance sheet tapering is expected to begin by the end of year, though increases to the Fed Funds rate are not imminent. In response, U.S. rates rose modestly with the 10- and 30-year yields adding six and four basis points, respectively.<\/p>\n<p>In real assets, spot WTI Crude Oil fell 7.3% for the month as global growth concerns overshadowed disruptions in U.S. production caused by Hurricane Ida.<\/p>\n<p>Global equity markets and risk-assets have rallied considerably over the last year and continue to be supported by the robust macroeconomic backdrop. That said, we still suggest investors maintain a dedicated allocation to Treasuries to support liquidity levels and cash flow needs in the event of a market dislocation. Further, the current level of credit spreads in the public debt space implies muted forward-looking returns. As such, we encourage investors to reduce high-yield credit exposure and reallocate capital to an equal-weighted blend of safe-haven fixed income and S&amp;P 500 exposure, which carries a more attractive risk-return profile.[\/vc_column_text][vc_single_image media=&#8221;1080&#8243; media_width_percent=&#8221;100&#8243; uncode_shortcode_id=&#8221;214183&#8243;][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text uncode_shortcode_id=&#8221;142179&#8243;]Risk assets pushed higher in August with encouraging economic data, still-accommodative monetary policy, and strong corporate earnings underpinning positive [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":1080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[12],"tags":[16,17,31,18,19,20,32,21,33,23],"class_list":["post-1079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-corporate-defined-benefit","tag-defined-contribution","tag-discretionary-services","tag-endowments-and-foundations","tag-healthcare","tag-insurance","tag-market-commentary","tag-private-wealth","tag-public","tag-taft-hartley"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>August 2021 Market Commentary<\/title>\n<meta name=\"description\" content=\"Risk assets pushed higher in August with encouraging economic data, still-accommodative monetary policy, and strong corporate earnings underpinning positive sentiment. Despite another month of robust returns, concerns loomed over the continued spread of the Delta variant, negatively impacting consumer sentiment and expectations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nepc.com\/private-wealth\/august-2021-market-commentary\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"August 2021 Market Commentary\" \/>\n<meta property=\"og:description\" content=\"Risk assets pushed higher in August with encouraging economic data, still-accommodative monetary policy, and strong corporate earnings underpinning positive sentiment. Despite another month of robust returns, concerns loomed over the continued spread of the Delta variant, negatively impacting consumer sentiment and expectations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.nepc.com\/private-wealth\/august-2021-market-commentary\/\" \/>\n<meta property=\"og:site_name\" content=\"NEPC - Private Wealth\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-07T19:46:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.nepc.com\/private-wealth\/wp-content\/uploads\/sites\/3\/2021\/09\/August-2021-Market-Commentary.png\" \/>\n\t<meta property=\"og:image:width\" content=\"676\" \/>\n\t<meta property=\"og:image:height\" content=\"396\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"NEPC\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"NEPC\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.nepc.com\/private-wealth\/august-2021-market-commentary\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.nepc.com\/private-wealth\/august-2021-market-commentary\/\"},\"author\":{\"name\":\"NEPC\",\"@id\":\"https:\/\/www.nepc.com\/private-wealth\/#\/schema\/person\/291f8d98618e9073a335da2e099f0a7d\"},\"headline\":\"August 2021 Market Commentary\",\"datePublished\":\"2021-09-07T19:46:28+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.nepc.com\/private-wealth\/august-2021-market-commentary\/\"},\"wordCount\":341,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.nepc.com\/private-wealth\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.nepc.com\/private-wealth\/august-2021-market-commentary\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.nepc.com\/private-wealth\/wp-content\/uploads\/sites\/3\/2021\/09\/August-2021-Market-Commentary.png\",\"keywords\":[\"Corporate Defined Benefit\",\"Defined Contribution\",\"Discretionary Services\",\"Endowments and Foundations\",\"Healthcare\",\"Insurance\",\"Market Commentary\",\"Private Wealth\",\"Public\",\"Taft-Hartley\"],\"articleSection\":[\"Blog\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.nepc.com\/private-wealth\/august-2021-market-commentary\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.nepc.com\/private-wealth\/august-2021-market-commentary\/\",\"url\":\"https:\/\/www.nepc.com\/private-wealth\/august-2021-market-commentary\/\",\"name\":\"August 2021 Market Commentary\",\"isPartOf\":{\"@id\":\"https:\/\/www.nepc.com\/private-wealth\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.nepc.com\/private-wealth\/august-2021-market-commentary\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.nepc.com\/private-wealth\/august-2021-market-commentary\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.nepc.com\/private-wealth\/wp-content\/uploads\/sites\/3\/2021\/09\/August-2021-Market-Commentary.png\",\"datePublished\":\"2021-09-07T19:46:28+00:00\",\"description\":\"Risk assets pushed higher in August with encouraging economic data, still-accommodative monetary policy, and strong corporate earnings underpinning positive sentiment. 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