The sharp turn in global central bank monetary policy has rapidly raised short-term rates and also withdrawn liquidity from longer term bonds. As a consequence, 10year bond yields have risen, despite increased fears of recession, and resulted in another quarter of wild bond and equity markets. After a stunning 8.9% rally in July, the S&P500 saw declines in both August (4.2%) and September (9.3%) to see the key global index some 5.3% lower at quarter-end against June 2022. The index is now back to mid-November 2020 levels.