Sage Advice Quarterly Market Review 3Q23

October 3, 2023 — Third quarter returns were characterized by three major trends – rising long-end yields, a significant move higher in oil, and an equity correction into quarter end given the Fed’s hawkish forward guidance. In September, the FOMC held rates steady but adjusted the “dot plots” to include two less cuts in 2024. This “higher for longer,” more hawkish tilt triggered a repricing in equities and rates.