10 March 2023
Monthly Market review – Download Article
After a benign three months, February proved to be altogether more challenging. Bond markets suffered a
big sell-off as the market substantially repriced interest rate expectations in line with the Fed’s view. At the
beginning of the month the Fed raised the Fed Funds rate by 25bps as expected, to 4.5-4.75%, and, while
signalling further rises ahead, the accompanying statement was interpreted as somewhat dovish
