2023 Q3 Recap & Outlook

For seven quarters, stocks and bonds have moved virtually lockstep in daily trading. When bond prices decline (and yields rise), stocks struggle. It’s typically not as simple as the binary trading market we’ve been stuck in, but since the Fed started tightening in...

Bonds Matter (Again)

The 10 Year U.S. Treasury Note yield is once again above 4%. It was at that level earlier in 2023 as well, before declining in the spring as the market began to anticipate (prematurely) the end of the Fed’s tightening cycle. In absolute historical terms, 4% is still...