president casciato? >> okay. thank you very much. roll call, please. >> clerk: thank you. [roll call] >> clerk: president casciato? >> yes. can you call the next item, communications? >> clerk: yes. item 2, communications. to protect the employees of sfers and the public, this meeting is being held remotely. board members will attend this meeting through video conference and participate in the meeting to the same extent as if they were physically present. public comment will be available on each item on this rand. each speaker will be allowed two minutes to speak. comments or opportunities to speak during public comment hearings are available by phone by calling 415-655-0001, access code 146-491-7791, then pound and pound again. when connected, you will hear the meeting discussions, but you will be muted and in listening mode only. when your item of interest comes up, press star, three to be added to the speaker line. best practices are to call from a quiet location, speak clearly and slowly, and turn do

president casciato? >> let's take item 11. >> clerk: item 11, discussion item, chief investment officer report. >> thank you, president casciato. i will be brief here. a lot of what i would otherwise state is written here. what we covered in july and august that the markets were at a bit of an inflection point, and we saw volatility in the market because of covid and the on going regulatory events in china to potential budget showdowns, and the potential advising inflation and interest rates. later on in the c.i.o. report, i won't go through it here, one of the more notable events was the fed decision that they would begin tapering, which is the first step in reducing monetary stimulus. the effect will be dependent on inflation measures and unemployment measures, both of which the markets are beginning to focus on, so those will be two things that everyone participating in the markets will focus on. given that there was a downturn in the market, sfers was down an estimated 85 basis points for the month.

i'm tom casciato for the pbs newshour in brooklyn, new york. >> woodruff: on the newshour online rightyears has weathered numerous storms. but damage from hurricane ida has the community wondering whether this local staple can bounce back. that's on our website, pbs.org/newshour. and that's the newshour for tonight. i'm judy woodruff. join us online and again here tomorrow eveng. for all of us at the pbs newshour, thank you, please stay safe, and we'll see you soon. >> major funding for the pbs newshour has been provided by: >> the landscape h changed, and not for the last time. the rules of business are being reinvented, with a more flexible workforce, by embracing innovation, by looking not only at current opportunities, but ahead to future ones. resilience is the ability to pivot again and again, for whatever happens next. >> people who know, know b.d.o. a raymond james financial advisor tailors advice to help you live your life. life, well-planned. >> the kendeda fund. committed to advancing restorative justice and meaningful work through investments in transformative leaders and i

. >> clerk: president casciato, we may now begin the retirement board meeting of october 13 at this time. this meeting is being held virtually with all members and staff participating today via teleconference. this will ensure the safety of the sfers board, sfers staff, and members of the public. while this technology allows us to hold these meetings via teleconference, it may not be as seamlessly as we would like them to be. a reminder