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What Happened in August? In August, equities struggled, likely due to concerns of further anticipated restrictive monetary policy. For the month, international developed equities were among the worst performers (-6.1%), followed by US growth stocks (-5.1%) and US small-caps (-4.3%). Bonds also had a challenging month as investment grade corporates declined 4.4%, high yield credit returned -4.3%, and 7-10 Year US Treasuries fell 3.9%. Commodities produced negative returns as s