The September 2023 quarter saw the ASX 200 return -0.8% (q/q), with global equities declining a more weighty -3.5% (q/q) if you were hedged against the Australian Dollar’s fall (or flat if you weren’t).

In his preview of the December 2023 quarter, Tim Toohey (Head of Macro and Strategy) looks at the recent dramatic changing picture for US bond supply, explains why expectations for a rapid series of cuts from the Fed in 2024 have disappeared, and names the best opportunities coming into the end of 2023.