October was more difficult for investors, with many asset classes posting negative returns except for gold. Uncertainties regarding the pace of future cuts in benchmark interest rates by the US Federal Reserve (Fed) and Donald Trump crawling back up in the polls, thereby announcing a very tight race to the US Presidency, fuelled investors’ nervousness. Global equities declined 2.3% during the month. Bonds also lost some ground in October. On a global basis, bond prices decreased 3.4% as interest rates jumped. For example, the yield on the 10-year US government bond gained 50 bps to 4.28%. Inflation and better-than-expected economic figures raised concerns over the pace for the Fed to become more accommodating in its monetary policy. Finally, the gold price was well oriented (+4.1% this month).