Global Asset Allocation Team Market Update – October 2023
October 10, 2023 | Market Commentary, Public Markets
The third quarter wrapped up on a somber note. Volatility resurfaced and both stock and bond markets retreated in September as the “higher-for-longer” interest rate narrative took hold following data that showed ongoing economic resilience in the United States that has translated into elevated and persistent inflation. The upwardly revised forecasts for interest rates in the Federal Reserve’s latest Summary of Economic Projections corroborated that message, which in turn prompted investors to recalibrate their interest rate expectations in line with that view.
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