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.

The STAAC Committee maintains its overweight equities recommendation relative to bonds for August based on the belief that near-term recession fears may be overdone.

The Strategic and Tactical Asset Allocation Committee (STAAC) changed its recommended asset allocation for July, shifting from core bonds to small cap equities.