September 2020 – Monthly Commentary

The bond market was little changed in September as investors grappled with continued virus uncertainty and traders with school-aged children tried to figure out the logistics of educating their young.  The latter issue made for uneven liquidity during the month which may have factored into the performance of the stock market.  For the month, the S&P 500 was down -3.91% breaking the string of consecutive positive months that extend back to April.  The performance of the bond market for the month was lackluster with the 10-year Treasury Note falling 1.5 basis points for the month.