S32

War is horrendous and serves to dehumanize. The increasing prevalence of global conflict is a shocking indictment on humanity and the ability of civilization to transcend racial, ethnic and religious barriers. Innocent civilians, mothers and children always bear the brunt of these conflicts. In war, there is no right or wrong…just suffering and the pretext for the next conflict. Our hearts and minds are with the innocents affected on either side. Now to markets… After weeks of negative pressure, US markets rallied in the latter part of the week. The Dow closed slightly higher, the S&P 500 gained 0.6%, and the Nasdaq rose 1.3%, snapping a four-week losing streak. The US 10-year Treasury yield surged to a fresh 16-year high above 4.8% in October. This was driven by strong evidence of a tight labor market which bolstered expectations of the Federal Reserve maintaining its hawkish stance. The 30-year bond yield crossed the 5% threshold for the first time since August 2007.