August reinforced the theme that the economy remains resilient, corporate earnings continue to show strength, and investors must navigate a more complicated interest-rate and valuation environment amid elevated geopolitical risks. The U.S. economy continues to expand at a steady pace. Second quarter GDP was revised to 1.5%, but that figure was distorted by temporary factors, including a surge in imports, a drawdown in the Strategic Petroleum Reserve, and declining inventories. Consumer spending and personal income data continued to increase as well.