Market Commentary

Third Quarter 2023 Commentary

Stocks and bonds alike suffered in 3Q driven by a strong increase in real rates over the quarter which continued into October. Meanwhile, real assets and the broad commodity complex were up over the same period. The sharp rise in yields was a big development during the quarter. As seen in the below chart, the 7-year yield rose 0.64% during the quarter, while the 10-year and 30-year yields both rose by more than 0.75%.

Read more