Milliman FRM Market Commentary: August 2017

Emerging market (EM) equities pushed higher in August as the rest of world took a breather. In this month’s commentary, Milliman’s Joe Becker addresses the following:

• With their ninth consecutive month of positive returns, EM equities are having their best year since 2009.
• US equity market volatility was low on average, but was itself volatile, finishing the month at its highest level since May.
• The yield curve flattened as the yield on the 10-year Treasury saw its largest one-month decline since June 2016.
• Heading into 2018, a confluence of fiscal and monetary circumstances have the potential to significantly affect the supply of and demand for government bonds and, by extension, interest rates.

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