Third Quarter 2023 in Figures
September 29, 2023
Market sentiment about future monetary polices underwent significant change over the course of the third quarter. While interest rates were raised further by the ECB, Fed, and Bank of England, the catalyst for the transformation came from rhetorical signals that high rates would be maintained for much longer and recede much more slowly than imagined earlier this year. A sharp increase in oil prices reinforced the shift in sentiment. It was a bad quarter for equities, and long-term interest rates climbed much more sharply than shorter maturities. As a safe haven, the dollar thrived in this environment, but crypto assets had a difficult time.
| 10-Yr Yield | 09/29/23 | 06/30/23 | 3Q Change |
| U.S. | 4.58% | 3.82% | +76 Basis Points |
| Germany | 2.84% | 2.39% | +45 |
| Japan | 0.75% | 0.39% | +36 |
| U.K. | 4.43% | 4.38% | +15 |
| Canada | 4.02% | 3.26% | +76 |
| Switzerland | 1.02% | 0.88% | +14 |
| CB Policy Rate | 09/29/23 | 06/30/23 | 3Q Change |
| Fed funds target | 5.00/5.25% | 5.00/5.25% | +25 Basis Points |
| ECB refi rate | 4.50% | 4.00% | +50 |
| BOJ policy rate | -0.10% | -0.10% | 0 |
| BOE Bank Rate | 5.25% | 5.00% | +25 |
| Swiss 3M Libor | 1.75% | 1.75% | 0 |
| FX | 09/29/23 | 06/30/23 | 3Q Chg in $ |
| EUR/USD | 1.0572 | 1.0910 | +3.2% |
| USD/JPY | 149.43 | 144.29 | +3.6% |
| USD/CHF | 0.9154 | 0.8951 | +2.3% |
| GBP/USD | 1.2202 | 1.2780 | +4.7% |
| AUD/USD | 0.6431 | 0.6661 | +3.6% |
| NZD/USD | 0.5994 | 0.6138 | +2.4% |
| USD/CAD | 1.3581 | 1.3247 | +2.5% |
| USD/CNY | 7.2955 | 7.2535 | +0.6% |
| Equities | 09/29/23 | 06/30/23 | 3Q Change |
| S&P 500 | 4292 | 4454 | -3.6% |
| Nasdaq | 13219 | 13728 | -3.7% |
| Djia | 33508 | 34408 | -2.6% |
| Dax | 15387 | 16148 | -4.7% |
| Nikkei | 31858 | 33189 | -4.0% |
| Ftse | 7608 | 7532 | +1.0% |
| Canada TSE | 19580 | 20169 | -2.9% |
| Swiss SMI | 10964 | 11280 | -2.8% |
| Commodities | 09/29/23 | 06/30/23 | 3Q Changes |
| Oil, $ per barrel | 90.79 | 70.64 | +28.5% |
| Gold, $ per ounce
Bitcoin, $ |
1866.10
26,907
|
1929.40
30,472 |
-3.0%
-11.7% |
Copyright Larry Greenberg 2023. All rights reserved. No secondary distribution without express permission.
ShareThis
