October 2023 Commentary: ‘G’ is for Government


  • 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.

Read and download the commentary here.

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