Maple Capital Monthly Market Commentary
The Month in Review: September 2023
“Bond yields rose as market expectations solidified around the “higher for longer” theme. The Fed is likely to leave rates in restrictive territory for longer than previously expected due to the economy’s resilience and stubborn inflation.
Higher oil prices also weighed on market sentiment due to the risk that inflation is impacted, which could lead to additional Fed hawkishness.
Economic headwinds are on the rise with the end of the student loan moratorium after a three-year hiatus, deteriorating job growth, and China’s weak economic performance All eyes will be on the September labor report: slowing job gains and tepid wage gains will likely keep the Fed on hold, but unexpected strength in either of these could push the Fed to resume tightening in November.”
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