September marked the end of another volatile quarter for financial assets. The combination of hawkish central bank policy, high inflation, elevated interest rate volatility and geopolitical uncertainty continued to weigh on investor sentiment. Both stocks and bonds declined for the month and third quarter, maintaining this year’s downward trend. After falling 9.2% in September, the S&P 500 Index finished the quarter down 4.9%. Bonds fell 4.3% for the month, as measured by the Bloomberg US Aggregate Bond Index, to finish the quarter down 4.8%. In contrast, the U.S. dollar continued to appreciate, as measured by the U.S. Dollar Index, up 3.1% for the month and 7.1% for the quarter.