10 October 2023
Monthly Market review – Download Article
Q3 finally began to adjust to the Fed narrative of tighter for longer. Bond yields had already moved
substantially higher as interest rates were pushed up relentlessly, starting in March 2022, but the
biggest moves have been in short duration tenors, moving up broadly in line with the Fed Funds rate,
while longer duration yields had risen by much less, leading to a steeply inverted yield curve
