05 SEP 2022

A moment of reckoning

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The month of August was marked by a moment of reckoning – as the markets realized that the expectations of rate cuts in 2023 and/or a Fed pivot were too optimistic. While the first half of the month benefited from strong seasonability, a lower-than-expected CPI print in the US, and low supply – the broader bond market faced renewed pressure toward the end of the month. Volatility surged following the Jackson Hole Symposium where Central Bankers emphasized their strong commitment to fighting inflation and pushed back against a 2023-pivot.
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