Despite a summer rally that lifted the S&P 500 out of bear market territory, stocks ended the 3rd Quarter down nearly 5% and back in a bear market. Inflation remained high throughout the quarter even with slight improvements since its June peak. Persistently high consumer prices pushed the Federal Reserve to enact two rate increases of 0.75 percentage points each during the quarter. Bond yields spiked to levels not seen in 10 years, with the benchmark 10-year Treasury yield hitting 4% in September before easing by quarter-end.
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