October saw economies continuing to experience stubborn and/or rising inflation and with the prospect of low to no growth in the near term. The European Central Bank delivered another rate hike in October, and in early November the US and UK also announced rate hikes. A lot of the negative data and rate hikes were already priced into markets, so the reaction was fairly benign and equity markets generally had a strong month in local currency terms. Perhaps the biggest market moving news was the backlash of the UK mini-budget delivered at the end of September. This caused global bond market fragility and volatility, emergency intervention by the Bank of England and senior ministers (including Prime Minister Truss) to lose their jobs. A swift announcement of Rishi Sunak as new Prime Minister settled UK bond markets and in turn global markets somewhat stabilizing the pound sterling.

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