Monthly Fixed Income Returns

Bear Steepener Rerun

Financial markets have been managing risk events for the last six months. August’s performance patterns represent the first time it appeared global threats transitioned from the “repricing” stage to potential “fundamental” roadblock. Outsideselected emerging markets, there were no obvious crashes or emergencies. Yet, there were no helpful rebounds in aroundthe world that would have been expected after big price adjustments in June and July. Instead, all the roses bloomed amongUS financial assets as growth here boosted stocks. Sagging prospects elsewhere kept bond prices in line moving higher.

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