Market Review February 29, 2016 INTEREST RATES Month-End 2/29/16 Month-End 1/31/16 Year End 12/31/15 Fed Funds Rate Yr Treasury DJ Corporate Month LIBOR Yr Fix Mortgage Prime Rate3.50 COMMODITY PRICES Month-End 2/29/16 Month-End 1/31/16 Year End 12/31/15 Gold Crude Oil Gasoline Natural Gas INDEX LEVELS Month-End 2/29/16 Month-End 1/31/16 Year End 12/31/15 Domestic Stocks DJ Industrial Avg S&P NASDAQ Russell 2000 ® Int’l Stocks MSCI EAFE MSCI Emerg. Mkt S&P SECTOR YEAR-TO-DATE MTDVal Core Grw Large Mid Small EQUITY STYLE RETURN YTDVal Core Grw Large Mid Small NEWS February was a respite after January’s steep market declines with the S&P 500 posting a small loss of -0.13%, putting its year-to-date loss at -5.09%. The commodities-sensitive materials sector, which includes mining companies, posted the biggest gains in the S&P 500 in February. Materials stocks rose 7.3% in February but are down 19% over the past 12 months Crude oil prices snapped a three-month losing streak and gained 0.4% in February. The crude-oil market is expected to remain oversupplied through the rest of the year. Gold prices rose to $1,234 an ounce, bringing its February gain to 11%.. NEWS February was a respite after January’s steep market declines with the S&P 500 posting a small loss of -0.13%, putting its year-to-date loss at -5.09%. The commodities-sensitive materials sector, which includes mining companies, posted the biggest gains in the S&P 500 in February. Materials stocks rose 7.3% in February but are down 19% over the past 12 months Crude oil prices snapped a three-month losing streak and gained 0.4% in February. The crude-oil market is expected to remain oversupplied through the rest of the year. Gold prices rose to $1,234 an ounce, bringing its February gain to 11%.. TOTAL RETURN Month to Date Year to Date1-Year EQUITIES Russell 3000 ® (Broad US) -0.03%-5.67%-7.84% S&P 500 (Large Cap US) -0.13%-5.09%-6.19% ACWI ex-US (Broad Int’l) -1.11%-7.83%-17.00% MSCI EAFE (Devlpd. Int’l) -1.80%-8.89%-14.80% MSCI Emerging Markets -0.15%-6.62%-23.13% FIXED INCOME BC Aggregate Bond 0.71%2.10%1.50% BC US Universal 0.71%1.82%0.94% B of A ML 3-Month T-Bills 0.03%0.04%0.11% BC Treasury 0.89%3.04%2.88% BC US Corp. High Yield 0.57%-1.04%-8.30% Citi World Govt. ex-US 3.95%4.99%1.70% OTHER NAREIT Cmp (RealEstate) -0.25%-3.86%-4.59% Bloomberg Commodity Trust -1.63%-3.28%-26.50% CONTACT INFORMATION ECONOMY Fourth-quarter 2015 GDP growth was higher than originally reported, and monthly data showed a promising start to 2016 as wage growth accelerated and information inched closer to the Fed’s 2% target. The Commerce department said gross domestic product advanced at a 1% seasonally adjusted annual rate in the fourth quarter, revising up its earlier estimate of 0.7%. Core inflation has risen faster than the Federal Reserve predicted in December, when it decided to raise the benchmark federal-funds rate for the first time in nearly a decade. Developments in the U.S. contrast sharply with economic data and monetary policy in other advanced economies. Policy makers in Europe and Japan have been pushing interest rates down to negative levels and buying assets in a bid to fuel growth and combat weak inflation. ECONOMY Fourth-quarter 2015 GDP growth was higher than originally reported, and monthly data showed a promising start to 2016 as wage growth accelerated and information inched closer to the Fed’s 2% target. The Commerce department said gross domestic product advanced at a 1% seasonally adjusted annual rate in the fourth quarter, revising up its earlier estimate of 0.7%. Core inflation has risen faster than the Federal Reserve predicted in December, when it decided to raise the benchmark federal-funds rate for the first time in nearly a decade. Developments in the U.S. contrast sharply with economic data and monetary policy in other advanced economies. Policy makers in Europe and Japan have been pushing interest rates down to negative levels and buying assets in a bid to fuel growth and combat weak inflation. CHART OF THE MONTH Inflation-adjusted U.S. GDP Annualized quarterly change Source: Commerce Department

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