Market Commentary – Q3 2026

During the month of September:

• Global stock markets have experienced a bumpy and somewhat negative month due to several factors, including rising oil prices, increasing interest rates and continued concerns about the future of artificial intelligence.
• There is an old saying that the stock market “climbs a wall of worry.” That means that stocks can (and often do) deliver positive returns over time despite the presence of ongoing economic and geopolitical concerns. Several of these worries are in the news at the moment and we touch on them briefly below.
• Crude oil prices moved back to above $100 per barrel with no obvious end in sight to the conflict in Iran. Higher oil prices mean higher gasoline, diesel and jet fuel costs, which lead to rising prices throughout the economy. This trend of elevated energy costs will likely remain until an agreement is reached that allows more oil to be exported from the region.
• In response to these concerns about inflation, the U.S. Federal Reserve raised its benchmark interest rate by 0.25%. This was its first interest rate increase since 2023. Interest rates on longer term government bonds also continued to rise with the 10-year U.S. government bond yield surpassing 5%.
• Worries about artificial intelligence, specifically the possibility that AI will cause the end of human civilization in the years ahead, were all over the news this month. There are also those who believe AI is overhyped and it will never deliver enough to justify the trillions of dollars that are being spent on its development. Both outcomes are within the realm of possibility, although the most likely result is somewhere between these extremes.

How Does RGF Use Artificial Intelligence?

We have been asked this question by several clients in recent months. There are specific regulations about what we can and cannot do with AI and the safeguards we must put in place, specifically when it comes to protecting your personal information.

First, the things we do not use artificial intelligence for include:

• Writing emails, articles and monthly commentaries.
• Making decisions about which investments to buy and sell in your portfolio.
• Developing financial plans and specific planning strategies.

These are tasks that we continue to do manually. We believe it is important that a real person with experience and knowledge of your unique objectives and preferences handles these responsibilities. This will not change anytime soon.

Regards,
Cory Hill
Financial Advisor & Portfolio Manager
T 604 732 6551

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