Summary
As of October 13, 2023
- The S&P 500 ended September down 3.3%, reinforcing September’s reputation as the worst month of the year for stocks.
- The Bloomberg U.S. Aggregate Bond Index, which ended the quarter down 3.2%, is down 15% over the past three years in the largest three-year decline in history.
- Strategic Petroleum Reserve inventories are at a 40-year low, the U.S. government deficit is swelling, and household pandemic-related savings are drained for most households, hinting at economic challenges ahead.
- Looking forward, the good news is that interest rates are higher and opportunities are emerging, meaning investors do not need to stretch for reasonable returns.
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