Investment Review - August 2023
- All three major U.S. stock indices rose in July. The S&P 500 rose 3.1% ending the month at its highest point this year and 4.3% below its all-time high closing level set on January 3, 2022. The Dow Jones Industrial Average rose 3.3% and the Nasdaq Composite rose 4.0%.
- The Bank of Japan (BOJ) announced in July an adjustment to its policy of yield curve control (YCC) allowing the bank to purchase Japanese 10-year government bonds at 1%, up from its prior ceiling of 0.5%. The announcement contributed to a rise in bond yields in the U.S.
- The yield curve steepened slightly in July as the 10-year U.S. Treasury note yield rose just over 10 basis points (0.1%) while the 2-year note yield was unchanged as expectations for a soft landing increased.
Key Investment Statistics
Disclosure: This commentary reflects the opinions of Welch & Forbes based on information that we believe to be reliable. It is intended for informational purposes only, and not to suggest any specific performance or results, nor should it be considered investment, financial, tax or other professional advice. It is not an offer or solicitation.
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