In racing, we measure our performance against the others in our class while always keeping an eye on the next mark to be reached. Much like the market, which anticipates. August saw a market rise. This was in large part due to inflation numbers that have apparently solidified the Fed’s intent to lower interest rates following the Fed meeting September 17-18. The question now is: By how much? Depending on the day, the big money is on either 25bp or 50 bp. The Board of Managers, too, is always looking ahead with an eye to continuing to earn more than the Current Rate of Return (CRR), achieve prudently-managed growth, and be ranked in the top third of the balanced fund universe, something that the Easton Episcopal Fund has achieved in nearly all rolling three-year periods since inception.