The Fed raised rates 25 basis points and kept its commentary relatively unchanged. The market responded with a small rally. The focus will now shift back to earnings, which we expect to kick off a pullback in stock prices. Oil as moved up to its highest levle in about a month which also presents a short-term headwind. Wednesday monring saw poor earnings from Morgan Stanley and lower guidance from Wendy’s, continuing the bad earnings news so far this week. No change to our cautious short-term outlook and cash levels in our model portfolio remain at their highest levels since Northlake opened in June.