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Market Summary
US Markets Year-end records for the Dow, S&P 500 and the NASDAQ • As vaccine optimism started to take hold the markets reflected that anticipated return to normal • Out of favor segments of the market rallied with International outperforming Domestic, Value – outperforming Growth and Small Caps outperforming Large Caps See Slide 11 for more details – Jerome Powell and the Fed have signaled keeping interesting rates at or near the zero-limit bound • until inflation shows nearer or even above its target 2% This has helped US bonds as represented by Bloomberg Barclays Aggregate Bond Index return a – whopping 7.51% in 2020 Global Markets Just as the virus and policy responses have varied from geography to geography, as has market • performance The Developed Markets represented by the MS
