It’s been quite a tough month and quarter for investors as the global sell off continue. A couple of stand-out points are:

• Since the Fed began raising rates 18 months ago, yields on US money-market funds have climbed to 5% for the first time since before the 2008 financial crisis. Investors have reacted with total US money-market fund assets having increased by more than $1 trillion (ICI data) to an all-time high $5.64trn with the sector now accounting for 38% of total industry assets (2021: 30%).

• U.S. 10-year Treasury – hit a fresh 15-year high (4.6%) after the Federal Reserve warned that borrowing costs will stay higher for longer. US mortgage rates climb to 7.3%, hitting their highest level in nearly 23 years.

• The dollar index, which tracks the U.S. currency against six others, hit a 10-month high and its 11th straight weekly rally – its longest in nine years.

• Oil – Demand upticks and supply cuts from heavyweight crude producers have driven prices near $100 per barrel (27% surge this quarter).

• September saw overseas investors continue to sell Chinese equities (especially those of financial and personal consumption-related companies) as ongoing worries about China’s macroeconomic outlook and real estate problems weighed on sentiment.