Axiome September update 2022

The headwinds from war, inflation, and supply-side hangovers from the pandemic continued over the September quarter.  Performances were, however, more nuanced than the broad sell-off across almost all asset classes in the June quarter.  Bonds suffered amongst the largest losses they have seen since records began as it central banks stepped up tightening of monetary policy and communication that rates may need to be higher for longer to reduce inflation back to target levels.  Equities rallied over much of July and August, only to fall back in the month of September.