The month of September saw a record-breaking month of new deals that topped expectations and heavy secondary trading flows continued with net client selling. U.S.

Treasuries saw another month of heavy rate moves, resulting in lower yields along with tighter credit spreads. The U.S. Treasury curve saw 2’s 10’s close positively slopped at +14 basis points and 2’s 30’s closed positively slopped by +47Bps. We closed September with the Fed cutting rates by 50 basis points.

The month of October will see the start of 3rd Qtr earnings season kicking off, potentially further interest rate volatility and economic uncertainty. Geo-political headwinds will remain in the headlines for the rest of the year 2024 with chaos in the Middle East and the Ukraine war with no end in sight, and we are now inside 35 days until the Presidential election. As we begin the month of October, we will get Unemployment data on Friday, upcoming key data reports and US domestic issuers will be in their respective earnings blackout periods. The new issue calendar is calling for $90-100Bln for the month of October with a potential mad dash to issue in front of the election.