Brad McMillan, Commonwealth’s CIO, recaps the market and economic news for August. U.S. and developed international markets ended the month down by 3 to 5 percent, and fixed income declined. The primary driver was rising rates. Higher rates provide for lower stock market values, and with fears of a recession taking down expected earnings, the market had a double whammy. Still, there was good economic news. Job growth beat expectations, and consumer and producer inflation showed signs of peaking. Are there risks ahead? Stay tuned to find out. Follow Brad at blog.commonwealth.com/independent-market-observer.