Risk appetite turned to risk aversion in August
In August, investor behaviour was characterised by risk appetite in the first half of the month, while renewed risk aversion dominated in the second half of the month. This development probably reflected a resumed uptrend in short-term U.S. government bond yields following a period of flatter yield trends in July. Towards the end of August, yield rises intensified against a backdrop of messages from both the Federal Reserve and the ECB reiterating the need for monetary tightening to curb inflation.
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