September 2021 Credit Market Update:
Risk-Off Makes a Comeback. Sort Of.
The equity market, as measured by the S&P 500, broke its streak and failed to rack up multiple record closes, notching only one early in the month. After that, the combination of the ongoing Delta surge, back and forth on the debt ceiling, negotiations on the Build Back Better Act and the FOMC meeting at the end of the month all took their toll. But the resulting switch to risk-off was not quite a home run for Treasuries.