A risk-off tone dominated October as a Federal Reserve meeting, economic data releases, third quarter earnings, and geopolitical instability all weighed on fixed income markets. Most sectors saw negative returns as a result. 10-year U.S. Treasuries ended the month at 4.93%, while 10-year German bunds and UK gilts ended at 2.81% and 4.51%, respectively. All yield curves steepened.
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