It was a stormy summer for bond investors. While central banks have been reluctant to push rates higher, their insistence that there will be no imminent cuts has driven a repricing of longer maturities. A curve steepening move of this magnitude is unusual for the late stages of the policy cycle.
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1 State Street Global Advisors, as of 30 September 2023.
2 State Street Form 10-K, as of 31 December 2022. The fixed income flows and holdings indicators produced by State Street Global Markets — the investment, research and trading division of State Street Corporation — are based on aggregated and anonymized custody data provided to it by State Street, in its role as custodian. State Street Global Advisors does not have access to the underlying custody data used to produce the indicators.
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Bonds generally present less short-term risk and volatility than stocks, but contain interest rate risk (as interest rates rise, bond prices usually fall); issuer default risk; issuer credit risk; liquidity risk; and inflation risk. These effects are usually pronounced for longer-term securities. Any fixed income security sold or redeemed prior to maturity may be subject to a substantial gain or loss.
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