This week in the Review:

     1. September continues its tradition as a difficult month for markets on surging rate expectations. PCA outlines the impact of the implied Fed funds target rate; the Dot projection peak rate moving to 4.6% and Price to Earnings ratio (P/E) pulling back 25%.

     2. September financial market performance and sentiment fall from already low levels. PCA looks at the AAII index finishing the month increasingly bearish and the historical precedents with the S&P 500 index.