Weekly Commentary | October 8, 2023

Summary

• Equities are mixed, with the S&P down 3.5% and small caps down 6.9% in the last month.

• The US jobs report shows a big upside surprise with 360K new jobs added in September, indicating a strong labor market.

• Taxable bond CEF discounts widen, credit spreads increase, and muni CEFs face headwinds due to rising interest rates and tax loss selling.

Macro…