Equity investors were punished in September as all major indexes declined sharply. A more hawkish tone from the Federal Reserve added to uncertainty, while high-interest rates and stubborn inflation provided a challenging framework for equities. Against this backdrop, the VIX Index or “fear gauge” started September at a little over 13 and climbed through the month, ending at about 17 ½. For the full month, the Dow Jones Industrial Average decreased 3.5%, the S&P 500® index was down 4.9%, and the smaller cap-weighted Russell 2000® decreased 6.0%