Today, the meeting of the Federal Open Market Committee (the FOMC or Fed) starts. It will conclude tomorrow with an announcement about interest rates, followed by a press conference. Markets expect the Fed to raise rates by one-quarter of a percentage point. This rise is fully priced into the market, which also expects an increase in December. So far, so good. These increases reflect continued economic growth and the rise in inflation to a more normal level, closer to Fed targets. In fact, the Fed raising rates is a sign of success, and failure to raise rates would cause much more concern than the expected increase.

I should go away more often. While I was on the road, the market hit new highs and looks set to go even higher. This move is kind of a surprise, given the extensive discussion of the trade war, the political turmoil in Washington, the worries about the emerging markets, and on and on. What’s happening, and is it likely to last?

I am sitting in an airport writing this after a speaking trip—and running behind schedule—so this will be a short post. First, thanks to everyone who wrote in to congratulate me on my book, Crash-Test Investing. It is much appreciated. Second, thanks even more to those of you who bought the book—especially Mom and Dad! It is a great start to the publishing adventure.

Brad here. I don’t normally write too much about stock market inside baseball, but something is about to happen that will undoubtedly get a lot of press—and raise a lot of questions. Specifically, the companies that operate the S&P 500 are changing how they classify companies within the index. While these changes won’t actually alter anything about the index as a whole, or the companies within it, they could affect your investments. Because of that, I asked Brian McCormick from our Investment Research department to take a deep dive on what these changes are and what they might mean to you. Take it away, Brian!

You know the old saying: hindsight is 20/20. Apparently, foresight is as well because I have recently seen several prominent economists and investors calling for a recession in 2020. Repent, the end is near—but not all that near.

There has been much discussion recently about how the great financial crisis kicked off 10 years ago this week. We have retrospective interviews with participants, updates on how people fared during and after the crisis, and all of the typical media storytelling. It’s good stuff, and valuable for bringing a sense of perspective to the present moment. But it’s not all that useful in outlining what we should really be thinking of today in light of that history.

I was out with a friend the other night, and we got on the topic of what I do. He asked me a simple question: “why do I need a financial advisor?” He really did not get why anyone would want—let alone need—someone to help manage their financial lives.

As we head into September, it’s a good time to take a look back at the markets in August, plus what we might expect in the month ahead.

As the days get shorter, the kids head back to school, and everyone turns their attention back to work after the summer, it seems appropriate to take a day to celebrate everyone who works. It seems even more appropriate to have that celebration by taking a day off to go to the beach, camp, or do whatever it is you enjoy—spending some quality time with family and friends.

I just got back from 10 days in Iceland with my family. It was a wonderful trip. We saw and hiked waterfalls, glaciers, and volcano craters. We also went on a whale watch, where we got within yards of humpback whales and saw a very rare whale pod (not normally seen in Icelandic waters). As a family, we had a great time—highly recommend!