Economic data remain somewhat mixed and we believe the ongoing health crisis and related supply chain bottlenecks continue to have a meaningful impact. Nevertheless, we believe the underlying momentum of the economy remains strong. Meanwhile, Covid infection rates in the US and on a global basis are declining, which gives us optimism. Notably, the ISM Manufacturing Index rose to 61.1 in September, stronger than expectations. New orders were particularly strong and the report suggests that manufacturing activity continues to expand. Meanwhile, housing prices remain quite firm, up 20% year-over-year in July, according to the Case-Shiller 20-City Composite Home Price Index.