The STAAC has slightly reduced its overweight equities allocation but maintains its preference for stocks over bonds.

The Strategic and Tactical Asset Allocation Committee has upgraded its view of financials from negative to neutral, while the precious metals view goes from negative to positive.

The Strategic and Tactical Asset Allocation Committee maintains its overweight equities recommendation relative to bonds.

The Strategic and Tactical Asset Allocation Committee revised S&P 500 year-end fair value target of 4,000-4,100.

The Strategic and Tactical Asset Allocation Committee downgraded its view of emerging market equities from neutral to negative.