As we head into the final quarter of the year, the robust optimism that characterized the economic recovery and market sentiment in the spring has given way to a more measured outlook. The impacts of the Delta variant, fading fiscal stimulus and continuing global supply shortages have all led to a notable slowdown in economic momentum and a dip in both consumer and businesses confidence. We continue to see a durable multi-year expansion unfolding and view the recent soft patch as largely temporary, with most of the activity suppressed by shortages and virus fears merely delayed rather than lost forever. Economic demand remains strong and people are anxious to return to more normal lives. However, the setback in the recovery is also a reminder of how tethered, for now, the economy remains to the pandemic, and that near-term challenges could be a source of volatility in markets in coming months.