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“I’ve found you’ve got to look back at the old things and see them in a new light.” ~ John Coltrane

Good evening,

October 2023 was painful, but it ended with markets swinging upwards. We began the week down around 5%, but by October 31, equities investors had received a much-needed Halloween “treat,” as stocks erased more than half of those losses. Still, October ended on Tuesday with the S&P 500 down 2.2%. 

Wednesday was a busy day for macroeconomic data, featuring the FOMC meeting as well as the release of the Treasury’s quarterly refunding plan. The central bank kept the Fed funds rate unchanged, as most predicted, so the post-FOMC market reaction was driven by Fed Chair Jerome Powell’s press conference after the decision was announced. Fundstrat Head of Research Tom Lee felt that Powell “was a lot more dovish than he was in September,” and investors apparently agreed.