2023 Q3 Review and Outlook – The Bear Steepener

Markets took a step back in the third quarter as stocks (as measured by the S&P 500 SPDR ETF – SPY) lost 3.2%. The U.S. bond market (as measured by the US Aggregate Bond ETF – AGG) also lost 3.2%, and a 60% stock/40% bond portfolio lost 3.2%. (Yes, you read that correctly – stocks…