Stocks extended gains after the Fed’s 25bp ‘risk-management’ rate cut, with major averages and sectors like tech and communication services hitting new highs. Economic growth has cooled but is not recessionary, while inflation remains stickier than policymakers would like. Monetary conditions are becoming more accommodative, supporting asset prices for now, but rich valuations and the prospect of a renewed rise in bond yields pose downside risks if inflation or policy expectations shift. For a copy of this week's Doll's Deliberation click on the following link September 22 or go to www.crossmarkglobal.com for additional insight and investment solutions.