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October 2022: Seasonal Stabilization?
“The question is not what you look at - but how you look and whether you see.” – Henry David Thoreau
September lived up to its reputation of underwhelming market returns and elevated volatility. Investor risk appetite is still at the mercy of the strong message from central banks that rates will have to stay higher for longer to tamp inflation down, and the consequent effects this has on economic growth. While markets look to be broadly reflecting these risks, uncertainty remains. Encouragingly, sentiment is historically bearish and better seasonal trends are on the horizon.