Bond markets continued lower, and the Bloomberg Aggregate Bond Index ended October down 1.6%, marking the longest stretch of negative bond returns since the 18th century.
Geopolitical tensions surged following Hamas’s attack on Israel on October 7, prompting Israel to declare war.
The U.S. GDP grew by 4.9% on an annualized basis in the third quarter, primarily driven by robust consumer spending and likely enhanced by pandemic-related financial relief programs.
The U.S. government added $532 billion in debt outstanding in October, while facing future budget strains due to a record (and growing) $659 billion in interest outlays, signaling additional challenges for government spending productivity and overall fiscal health.
October 2023 Commentary: ‘G’ is for Government
Summary
Read and download the commentary here.
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