The Fed’s decision to stand pat on interest rates at the October meeting may have had as much to do with not adding to political rhetoric one way or another prior to the mid-terms as waiting to see the effect of the September quarter-point raise. Federal Reserve Chair Warsh has been clear that he wants the Fed to focus on sound monetary policy and avoid any hint of politics. So, it’s the numbers.

For the Board of Managers members, it’s a careful calibration of investment allocation, the Easton Episcopal Fund’s balance among equity, fixed income, and cash. That calibration, which falls within investment policy ranges, takes into account a variety of market factors as well as both the immediate and longer-term needs of the EEF shareholders and has since inception in March 2010. The Easton Episcopal Fund ranks in the top 20th percentile of the comparable universe of balanced funds, and its Year-To-Date gross return is 7.48%, exceeding the benchmark by 5 basis points.