Good morning!

The historically cruelest month for the markets went out with a whimper, thanks to a hefty rate cut from the Fed and signs of resilience in the U.S. economy, which lifted stocks to three weekly wins in a row. Here's what's happening this week ...

• So much for the September slump. Contrary to its reputation as the worst month for stocks, September has seen gains for both the Dow Jones Industrial Average, up 1.7%, and the S&P 500, up 1.5%. According to Dow Jones Market Data, these are set to be the strongest September performances since 2019. Meanwhile, the Nasdaq Composite, with a 2.2% increase, is on track to wrap up its best September since 2013. *

• The key economic news this week is the Labor Department's jobs report, due Friday. Analysts expect the unemployment rate to remain steady at 4.2%, with an increase of 144,000 in non-farm payrolls. Economists will be paying attention to any revised estimates from last month, as each report includes updated figures, which have often reduced the initially reported job gains. **



• Fed Chairman Jerome Powell spoke Monday at an economic meeting in Tennessee and reiterated the committee's goal of a soft landing to the economy through further rate cuts. The Fed lowered the federal-funds interest rate by half a percentage point on September 18, to a range of 4.75%--5.0% after holding rates steady since July 2023. While insisting that the Fed is not on any preset course to continue lowering the interest rate, Powell does expect to see two more quarter-point interest-rate cuts this year. Analysts, however, are predicting that at least one of those will be another jumbo cut of at least half a percentage point. ***

The financial advisors at Miramontes Capital diligently keep up with anything that can impact our clients' finances and tap into more than 175 years of combined investment experience. We do our all to keep your money protected and growing. If you think you might benefit from our financial experience and oversight, contact us today for a FREE, no-obligation consultation. Just call (800) 460-1595. Until next week...

Investment Advisory Services offered through Miramontes Capital, LLC. Securities offered through Balanced Security Planning, Inc. Member FINRA/SIPC. Miramontes Capital, LLC and Balanced Security Planning, Inc. are separate companies affiliated through common control. This newsletter is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Miramontes Capital, LLC and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Miramontes Capital, LLC unless a client service agreement is in place.