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Flash Report October 2023

Equity markets declined for the third month in a row alongside continued pressure in fixed income markets. GDP came in stronger than expected, but the Fed’s preferred measure of inflation, the PCE Price Index, remained stubbornly above target. While the Fed has communicated its plans to hold the federal funds rate higher for longer, the bond market continued to press long-term rates meaningfully higher, putting further pressure on the economy. A spike in geopolitical risk in the Middle East added to market consternation.

WRITTEN BY | November 1, 2023


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