• Softer economic data: In the US, we’re starting to see the initial signs of a cooling economy. While some data points remained resilient, the market has started to consider whether we’re nearing peak hawkishness in FOMC hiking policy.
  
• Less hawkish global central bank policy: We started to see select central banks begin to pull in the reins on what, until now, had been unbridled enthusiasm in hiking policy rates. 
  
• Stabilizing gilt markets: UK policy pressures subsided with the resignation of the Truss government and appointment of new Prime Minister Rishi Sunak.
  
• Active intervention by both Japan’s Ministry of Finance (MOF) and the Bank of Japan (BOJ): The former likely intervened in the FX market to stabilize the yen, and the latter conducted a bond-buying operation. 
  
• China’s 20th Party Congress, which occurs every five years, concluded in October with the re-election of Xi Jinping to a third term as general secretary of the Party and president for life.
  
• Year-end balance-sheet constraints are now showing up in the system in cross-currency rates, reflecting balance-sheet funding needs by non-US entities. 
  

• Developments in Russia/Ukraine point to an escalating conflict
  
• Bank of Japan and Yield-Curve Control
  
• The Mississippi River 
• New measures from the Italian government
  
  

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The views expressed herein are those of Wellington Management, are for informational purposes only, and are subject to change based on prevailing market, economic, and other conditions. The views expressed may not reflect the opinions of Hartford Funds or any other sub-adviser to our funds. They should not be construed as research or investment advice nor should they be considered an offer or solicitation to buy or sell any security. This information is current at the time of writing and may not be reproduced or distributed in whole or in part, for any purpose, without the express written consent of Wellington Management or Hartford Funds.