Market Commentary

The Federal Reserve decided to leave short term interest rates unchanged at their recent meeting. Their statement noted that: 'Recent global economic and financial developments may restrain economic activity somewhat and are likely to put further downward pressure on inflation in the near term.' With this view in mind, they decided to hold fast to the current near zero interest rate policy so as to avoid any negative impact on global economic growth. 
Therefore, uncertainty remains about when the Fed will begin to raise rates. This is likely to cause the volatility in the equity and bond markets to remain with us for the near term. In periods like this, protecting client portfolios is a primary concern. Fortress remains on the watch for any changes in the policy of the Fed, or other changes in market conditions.