U.S. Treasury yields have seemingly been moving in one direction lately (higher) with news overnight that the 30-year Treasury yield touched 5% for the first time since 2007. The move higher in yields (lower in price) has been unrelenting with intermediate and longer term Treasury yields bearing the brunt of the move. The large move in yields is naturally generating several questions from investors such as:

• How much higher can rates go? Certainly, this is the $64,000 question, but in our view Treasury yields are moving on both fundamental and technical reasons (more on this later) but the momentum is clearly higher yields.

The stock market has still had a solid year, but it fell in the third quarter. Following a nearly 5% drop in September, the S&P 500 sank 3.3% in the third quarter, with rising interest rates the main culprit in the decline. September weakness was nothing out of the ordinary given the month has historically seen some of the weakest market performance on the calendar. Style was not a differentiator, as the Russell 1000 Growth and Value indexes achieved roughly similar total returns. Despite the down quarter, the Nasdaq has maintained a strong year-to-date return of 27.1%, surpassing both the S&P 500 and the Russell 1000, both of which h

After a difficult September for stocks, investors are surely ready to flip the calendar to October. That’s the month that kicks off the historically strong fourth quarter. Expecting this pattern to repeat this year is tricky given the overhang of a government shutdown, interest rates near 16-year highs, a market still trying to digest the Federal Reserve’s “higher for longer” message, and a consumer who is facing some stiff headwinds as excess savings are drawn down, student loan payments restart, and the effects of higher borrowing costs are increasingly felt. Amid that complicated backdrop, here we assess prospects f

After a difficult September for stocks, investors are surely ready to flip the calendar to October. That’s the month that kicks off the historically strong fourth quarter. Expecting this pattern to repeat this year is tricky given the overhang of a government shutdown, interest rates near 16-year highs, a market still trying to digest the Federal Reserve’s “higher for longer” message, and a consumer who is facing some stiff headwinds as excess savings are drawn down, student loan payments restart, and the effects of higher borrowing costs are increasingly felt. Amid that complicated backdrop, here we assess prospects f