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
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