The Autumn Fall

September has proved to be the worst month so far in 2023 for bond markets and equities, largely on the back of the “higher-for-longer” mantra from central banks on interest rates. In particular, a very hawkish line from the Federal Reserve has hammered US markets over the past month. The S&P 500 fell by 5% in September, while ten-year Treasury yields jumped by over 50bps, hitting 4.65%, their highest level since 2007.