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The Bottoming Process Continues  Thumbnail

The Bottoming Process Continues

Marco Fragnito | Robert R. Fragnito

This is an excerpt from our October Monthly Market Commentary, published on October 18, 2022. Key Topics: The Federal Reserve, Inflation, Year-end Market Outlook, Performance Data, and October Market Performance.

Last month proved to be the worst trading month of the year as the dreaded “September Effect” once again claimed the month for the bears (see Market Data section). We’re referring to an anomaly involving the historical average of a 1% decline for the S&P 500 in the month of September (1928-2021).

September’s trading action was primarily driven by a gloomy economic outlook predicated on the impact of a hawkish Federal Reserve. On September 21, the Federal Open Market Committee (FOMC) raised the fed funds rate by 75 basis points (bps), making it the third-straight 75 bps hike for the year. Consequently, the benchmark rate sits at its highest level since 2008


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